Higher Taxes
for IL Small Businesses |
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The IL Legislature overrode the Governor's veto and passed a
budget that includes higher tax hikes not just for
residents but also for businesses.
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The state personal income tax goes from 3.75% to 4.95% of
net income.
This is a 32% increase. This rage goes into effect as of
July 1, 2017.
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The corporate income tax will go from 5.25% to 7% of net
income. This is
a 33% increase.
Corporations with taxable years beginning on or after July
1, 2017 will have to start paying the tax.
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Corporations will also have an additional tax called the
"Personal Property Tax Replacement Income Tax."
The rate for corporations is an additional 2.5% of
net income. The
rate for Partnerships, Trusts or Subchapter S is 1.5% of net
income.
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Sources:
IL State Budget Law
Public Act 100-0022
By Bill
Williams
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