The Illinois Department of Revenue has issued an information bulletin regarding the new Illinois income tax rates. These rates became effective July 1, 2017
Regarding individuals, trusts, and estates, the Illinois Income Tax is increasing from 3.75 percent (.0375) to 4.95 percent (.0495).
Regarding corporations (excluding S corporations), the Illinois Income Tax is increasing from 5.25 percent (.0525) to 7 percent (.07).
Guidance has also been issued as to how estimated payments are impacted by the mid-year tax increases as well as the impact on the apportionment method of calculating income.
Please feel free to contact us to discuss how these issue may impact you.