Income Tax Rates

Official source

Tax Types Current Tax Rates Prior Year Rates Business Income Tax Effective July 1, 2017: Corporations – 7 percent of net income Trusts and estates – 4.95 percent of net income BIT prior year rates Individual Income Tax Effective July 1, 2017: 4.95 percent of net income IIT prior year rates Personal Property Replacement Tax Corporations – (other than S corporations) 2.5 percent of net income Partnerships, trusts, and S corporations 1.5 percent of net income Withholding (payroll) Effective July 1, 2017, 4.95 percent of net income is required to be withheld from: employee compensation based on the number of allowances claimed by the employee, Illinois lottery winnings each time a single payment is over $1,000 for both Illinois residents and nonresidents, and other gambling winnings paid to an Illinois resident if the winnings are subject to federal income tax withholding requirements.

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Income Tax Rates

Official source

Tax Types Current Tax Rates Prior Year Rates Business Income Tax Effective July 1, 2017: Corporations – 7 percent of net income Trusts and estates – 4.95 percent of net income BIT prior year rates Individual Income Tax Effective July 1, 2017: 4.95 percent of net income IIT prior year rates Personal Property Replacement Tax Corporations – (other than S corporations) 2.5 percent of net income Partnerships, trusts, and S corporations 1.5 percent of net income Withholding (payroll) Effective July 1, 2017, 4.95 percent of net income is required to be withheld from: employee compensation based on the number of allowances claimed by the employee, Illinois lottery winnings each time a single payment is over $1,000 for both Illinois residents and nonresidents, and other gambling winnings paid to an Illinois resident if the winnings are subject to federal income tax withholding requirements.