THE ILLINOIS DEPARTMENT OF REVENUE IS OFFERING SOME GUIDANCE TO NAVIGATING THE STATE’S NEW INCOME TAX RATES.
THE RATE FOR INDIVIDUALS INCREASED FROM THREE POINT SEVEN FIVE TO FOUR POINT NINE FIVE PERCENT, AND THE CORPORATE INCOME TAX RATE WENT UP AS WELL. REVENUE SPOKESPERSON TERRY HORSTMAN SAYS ALL THE DETAILS ARE NOW ONLINE.
THE TAX IS RETROACTIVE TO JULY FIRST. HORSTMAN SAYS IT’S UP TO EMPLOYERS TO COLLECT THE DIFFERENCE AND REMIT PAYMENT TO THE STATE.
