Amazon Want To Help You Start A Delivery Service (Jul 2018)

New Ruling on Intenet Tax Could Negatively Impact Your Smallbiz (Jul 2018)

Supreme Court Rules On Religious Clause (Jul 2018)

5 Ways To Inspire Innovative Thinking
California Consumer Privacy Act: What businesses need to know

Why engineers leave your company: The 7 most-cited reasons

 States With No Corporate Income Tax Rate
South Dakota
Key Economic Indicators 
Item  Rate 
CPI: 0.2% (May 2018) 
GDP Growth:   2.3% (1st QTR 2018)
Bank Prime Interest Rate:   5.00%
Consumer Confidence:  126.4% (Jun 2018) 
Small Biz Confidence:  107.8% (May 2018) 
Avg Gas Price:  $2.86 









17 Jul 2017


Email this page    


Higher Taxes for IL Small Businesses

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.

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.

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.

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.


IL State Budget Law
Public Act 100-0022

By Bill Williams













SBZ Home

News Home

Extra News Home




                  Report broken links               Contact us              About us           Become a Contributor to this site            Link Exchange 

2012-2015 The Small Business Zone, Inc.  All rights reserved.