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SMALL BUSINESS NEWS

17 Jul 2017

 

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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.

 

Sources:
IL State Budget Law
Public Act 100-0022


By Bill Williams

 

 

 

 

 

 

 

 

 

 
 

 

  
 

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