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NEW,
INCREASED ILLINOIS INCOME TAX RATES NOW IN EFFECT
Illinois Policy Institute/John
Kristof
The Illinois Department of Revenue issued
details on how to comply with the state’s increase income tax, signaling
the reality of higher taxes for Illinoisans.
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 The Illinois Department of Revenue,
or IDOR, has released details necessary to the implementation of the state’s new
income tax hikes, proclaiming the rates retroactively effective July 1, 2017.
This release is the final step in the tax portion of Illinois’ lengthy,
controversial budget debate. On July 6, the Illinois General Assembly overrode
Gov. Bruce Rauner’s veto of the first full state budget in two years, which
depended upon a multibillion-dollar tax hike.
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The new budget increases
the personal income tax rate to 4.95 percent from 3.75 percent, and
the corporate income tax rate to 7 percent from 5.25 percent.
Human resource departments now have the information necessary to
begin making the necessary deductions from employee paychecks.
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