Income Taxes

Income Taxes	Fixed Tax Rates	License Fee
Business Income Tax	For tax years beginning on or after January 1, 2011 corporations – 7 percent of net income trusts and estates – 5 percent of net income	not applicable
Individual Income Tax	For tax years beginning on or after January 1, 2011 5 percent of net income	not applicable
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	not applicable
Withholding (payroll)	5 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.	not applicable

Updated 01/12/2011