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Illinois tax help, forms and answers to thousands of Illinois tax questions. Handy summary of all Illinois taxes, including corporate and individual Illinois income taxes, credits, exemptions, deductions and more. Includes Illinois estate, gift and inheritance tax, miscellaneous Illinois taxes, pass-through entity treatment, payroll taxes, property taxes and Illinois sales & use taxes.

Illinois ranks #30 on the State Business Tax Climate Index (TaxFoundation.org).

Illinois State Tax Summary (TaxGrams ™)
Corporate Taxes
   Rates & Brackets:
      7.3%> $0
   Loss Carry-back/fwd: 0 Years Back / 12 Years Forward (Unlimited)
   Throwback Sales?: Y
   Foreign Tax Deductible?: Y
   Alternative Minimum Tax (AMT): N
   Gross Receipts Tax: N
   Capital Stock (Net Worth) Tax?: 0.100% ($2,000,000 max.)

Credits and Incentives
   Job Credits?: Y
   R&D Credits?: Y
   Investment Credits?: Y

Individual Taxes
   Rates & Brackets:
      3% of Federal AGI (with adjustments)
   Local Option IT Rate: None
   Federal Inc used as Base?: Y
   Standard Deductions: Single N/A / Joint N/A
   Personal Exemptions/Credits (c): Single $2,000 / Joint $4,000 / Dependent $2,000
   Federal Tax Deductible?: N
   State Tax Deductible?: Y
   Alternative Minimum Tax (AMT)?: N

Inheritance, Gift, Estate, Death Taxes
   Gift Tax?: N
   Estate Tax?: Decoupled
   Inheritance Tax?: N
   Generation-Skipping Tax?: N

Miscellaneous Taxes
   Gas Tax: 20.9 cents/gallon
   Diesel Tax: 23.4 cents/gallon
   Cigarette Tax: 98.0 cents/20 pack

Pass-through Entities
   LLC Pass-through Recognized?: Y
   S-Corp Pass-through Recognized?: Partial

Payroll Taxes
   Unemployment Insurance Tax Index (TaxFoundation.org): #46

Property Taxes
   Median Tax Paid on Homes (Rank): $3,384 (#7)
   Median Value of Homes: $214,900
   Tax as % of Home Value (Rank): 1.57% (#6)
   Median Income of Homeowner: $70,341
   Tax as % of Income (Rank): 4.81% (#5)

Sales and Use Taxes
   State Rate: 6.25%
   County & City (Weighted Ave): 2.15%
   Combined State and Ave. Local Rates (Rank): 8.40% (#6)
   General Treatment of Services: Exempt
   Gas Exemption: Taxable
   Grocery Exemption: Partial

 
 

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Illinois Tax Forms popular

Illinois state tax forms for individuals, businesses and more.

http://www.revenue.state.il.us/taxforms/index.htm

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Illinois Legislative Info

The Illinois General Assembly, composed of a 59-member Senate and a 118-member House of Representatives, is responsible for enacting, amending, or repealing laws, passing resolutions, adopting appropriation bills and conducting inquiries on proposed legislation.

http://www.illinois.gov/government/gov_legislature.cfm

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Illinois: Interactive Tax Return

Free direct Internet filing via interactive Web session. If you have your Illinois Personal Identification Number (IL-PIN), then you may be able to I-File your Illinois Income Tax Return anytime from January 13 through October 15, 2005.

https://www.revenue.state.il.us/app/ifile/

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