Illinois Tax FAQs

• taxmOuth Illinois Tax FAQs

Illinois Tax Forms

• taxmOuth Illinois Tax Forms

Illinois Corporate Taxes

• taxmOuth Illinois Corporate Taxes
• Illinois Tax 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.)

Illinois Tax Incentives and Credits

• taxmOuth Illinois Tax Credits
• Job Credits?: Y
• R&D Credits?: Y
• Investment Credits?: Y

Illinois Individual Income Taxes

• taxmOuth Illinois Individual Income Taxes
• Illinois tax rates and 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

Illinois Estate, Gift and Inheritance Taxes

• taxmOuth Illinois Estate and Gift Taxes
• Gift Tax?: N
• Estate Tax?: Decoupled
• Inheritance Tax?: N
• Generation-Skipping Tax?: N

Illinois Miscellaneous Taxes

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

Illinois Pass-through Tax Treatment

• taxmOuth Illinois Pass-through Entity Tax
• LLC Pass-through Recognized?: Y
• S-Corp Pass-through Recognized?: Partial

Illinois Payroll Taxes

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

Illinois Property Taxes

• taxmOuth Illinois 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)

Illinois Sales and Use Taxes

• taxmOuth Illinois 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
• Gasoline: Taxable
• Groceries: Partial