With tax filing season already upon us, there are many changes that Illinois tax filers may want to keep in mind when filing their 2017 tax returns and when planning for the 2018 filing season. This article highlights a handful of changes that will affect tax filers.
Income Tax Rate Increase
Effective July 1, 2017, the Illinois income tax rate for individuals, trusts and estates increased from 3.75 percent to 4.95 percent, while the income tax rate for corporations (excluding S corporations) increased from 5.25 percent to 7 percent.