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SMALL BUSINESS NEWS

10 Apr 2014

 

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Illinois Temporary Tax Increase

In his State of The State speech, Illinois Governor Pat Quinn propose making the temporary personal and corporate tax increases permanent.

In 2011 the Illinois personal tax rate was raised from 3% to 5% and the corporate income tax rate was raised from 4.8% to 7%.  The personal income tax rate was scheduled to revert to 3.2% in 2015 and the corporate rate was scheduled to go to 7.3% in 2015.
The Governor has called for those tax rates to remain in place and ease the property tax burden by giving property owners a $500.00 annual rebate.

Sources:
Governor Quinn’s Speech


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