Income tax rates in Illinois increased effective July 1, 2017. Because this decision came in the middle of 2017, it created some confusion regarding how to calculate 2017 taxes and how it affects estimated tax payments.
The income tax change affects individuals as well as corporations residing in the state of Illinois. For individuals, trusts, and estates, state income tax will increase from 3.75% to 4.95%. For corporations (excluding S corporations), state income tax will increase from 5.25% to 7%. TheRead More