State of
Illinois Income Tax Increase:
Corporate Rate
|
Current |
New |
Plus
(Current law) |
Total |
|
4.8% |
7% |
2.5% |
= 9.5% |
|
|
|
Personal Property
Replacement Tax |
|
New Corporate
Rate of 9.5% Third Highest in the Nation
Personal Rate
Corporate and
Personal Rate Combined will raise $6.5 billion for one year.
In 2015 rates
revert to
Corporate- 5.25%
Personal - 3.75%
In 2025
further revert to
Corporate – 4.8%
Personal – 3.25%
No Corporate
“loophole” closures included, however, the use of Net Operating
Loss deduction is suspended for 4 years.