Illinois Department of Revenue
 
 
Publications
 
 
 
 
 

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
 
 
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