What is the personal income tax rate in Illinois?

What is the personal income tax rate in Illinois?

Overview of Illinois Taxes Illinois has a flat income tax that features a 4.95% rate. This means that no matter how much money you make, you pay that same rate. Sales and property taxes in Illinois are among the highest in the nation.

What is Illinois income tax rate 2020?

4.95 percent
Effective for tax years ending on or after December 31, 2020, the personal exemption amount is $2,325. The income tax rate remains at 4.95 percent (. 0495) for tax years ending on or after December 31, 2020.

What were the income tax rates in 2015?

2015 Federal Income Tax Rates

If your taxable income is over But not over The tax is
$0 $9,225 10%
$9,225 $37,450 $922.50 + 15%
$37,450 $90,750 $5,156.25 + 25%
$90,750 $189,300 $18,481.25 + 28%

Is there an income tax in the state of Illinois?

But that debate came to an end when the 1970 Illinois Constitution allowed the state to levy a tax on income. Although the constitution allows for a flat rate income tax, it strictly prohibits a graduated, or progressive, income tax.

What are the income tax brackets for 2014?

(a) 2014 rates but 2013 brackets for CA, ID, MT, and OH. Laws in these states forbid revenue officials from inflation-indexing brackets until mid-year. (b) Tax applies to interest and dividend income only. (c) Rates apply to regular tax table. A special tax table is available for low-income taxpayers which reduces their tax payments.

When did Illinois start a corporate income tax?

That means that for every 1 percent of personal income tax, the state can apply a 1.6 percent tax on corporate income. Illinois’ income tax rates have fluctuated since Ogilvie singed the tax into law. A temporary tax increase was passed in 1983, after which the rates reverted to 1982 levels.

What was the tax rate in Illinois in 1969?

Then-Republican Gov. Richard Ogilvie proposed a 4 percent flat rate tax on personal and corporate income. On July 1, 1969, a flat-rate income tax was signed into law – with a 2.5 percent flat rate applied to individuals and a 4 percent flat rate applied to corporations.