Illinois income tax increase now in effect

Illinois income tax increase now in effect

The Illinois Department of Revenue issued details on how to comply with the state’s increase income tax, signaling the reality of higher taxes for Illinoisans.

The Illinois Department of Revenue, or IDOR, has released details necessary to the implementation of the state’s new income tax hikes, proclaiming the rates retroactively effective July 1, 2017.

This release is the final step in the tax portion of Illinois’ lengthy, controversial budget debate. On July 6, the Illinois General Assembly overrode Gov. Bruce Rauner’s veto of the first full state budget in two years, which depended upon a multibillion-dollar tax hike.

The new budget increases the personal income tax rate to 4.95 percent from 3.75 percent, and the corporate income tax rate to 7 percent from 5.25 percent.

Human resource departments now have the information necessary to begin making the necessary deductions from employee paychecks.

Find out how much the tax hikes will cost you

Additional Income Tax: $0
Plus additional Corporate Income tax per household: $98
That's an increase of as much as $0
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