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Illinois is the 13th-wealthiest of the 50 United States, with a per capita income of $37,728 according to the 2020 census. Illinois counties ranked by per capita income [ edit ]
The state government would then be allowed to change income tax rates through the normal legislative process. [34] [35] The Illinois legislature proposed a new set of income tax rates in Senate Bill 687, which was enacted shortly after the constitutional amendment was approved to be placed on the ballot. This legislation would take effect on ...
The Tax Foundation has released its annual State Tax Competitiveness Index, which compares each state on more than 150 variables in five areas of taxation: corporate taxes, individual income taxes ...
Previously, during a special session in August, 2022, the top personal income tax rate was reduced to 4.9% retroactively effective to January 1, 2022, instead of 2025 as was originally planned while also marking the first time since 1971 that the top income tax rate has been 5.0% or lower.
Illinois has a 4.95% flat state income tax. But the state doesn’t tax retirement income. ... That means that state income tax rates were reduced across 2024 brackets to a range of 2.37% to 5.12%.
The questions ask whether the Illinois Constitution should be amended to create a three percent tax on people making more than $1 million. That money would then go towards property tax relief.
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