Illinois Legislation Approves 66% Tax Increase! | AccountingWEB

Illinois Legislation Approves 66% Tax Increase!

Both the Illinois House and Senate have passed legislation that would increase income tax rates in Illinois.

Individual income tax rates would rise to 5 percent from its current rate of 3 percent.

Corporate taxes would rise to 7 percent from its current rate of 4.8 percent.

For more information check out the New York Times article.

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Brian Strahle is the owner of LEVERAGE SALT, LLC where he provides state and local tax technical services to accounting firms, law firms and tax research organizations across the United States.  He also writes a weekly column in Tax Analysts State Tax Notes entitled, "The SALT Effect."  For more info, visit his website: www.leveragestateandlocaltax.com

You can reach Brian at strahle@leveragesalt.com.

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Because state and local taxes are deceptively simple and endlessly complicated.

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