Exempt organizations may be formed as either a corporation or a trust. Therefore, exempt organizations pay both Illinois Income Tax and the Personal Property Replacement Tax, but the rates differ.
Corporations
- Income Tax: 7 percent for income received or accrued.
- Replacement Tax: 2.5 percent of net income.
Trusts
- Income Tax: 4.95 percent for income received or accrued.
- Replacement Tax: 1.5 percent of net income.
Note: Check the
Tax Rate Database for prior rates.