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What is the tax rate for partnerships?

Answer #85 -- ( Published 08/04/2005 12:33 PM | Updated 07/12/2017 10:38 AM )

What is the tax rate for partnerships?

Partnerships pay Personal Property Tax Replacement Income Tax (replacement tax). Check the Tax Rate Database for the current rate. They do not pay Illinois Income Tax. Generally, income from a partnership is passed on to the partners. The partners must include this income in their federal adjusted gross income (for individuals) or federal taxable income (for other taxpayers). This is the starting point for Illinois Income Tax purposes and where the regular income tax is paid.

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