Income Tax Rates

Tax Types Current Tax Rates Prior Year Rates
Business Income Tax Effective July 1, 2017:
  • Corporations – 7 percent of net income
  • Trusts and estates – 4.95 percent of net income

To determine the tax due for tax years ending on or after July 1, 2017, refer to Informational Bulletin FY 2018-02.

BIT prior year rates
Individual Income Tax Effective July 1, 2017:
  • 4.95 percent of net income

To determine the tax due for tax years ending on or after July 1, 2017, refer to Informational Bulletin FY 2018-02.

IIT prior year rates
Personal Property Replacement Tax Corporations – (other than S corporations)
  • 2.5 percent of net income
Partnerships, trusts, and S corporations
  • 1.5 percent of net income
Withholding (payroll) Effective July 1, 2017, 4.95 percent of net income is required to be withheld from:
  • employee compensation based on the number of allowances claimed by the employee,
  • Illinois lottery winnings each time a single payment is over $1,000 for both Illinois residents and nonresidents, and
  • other gambling winnings paid to an Illinois resident
if the winnings are subject to federal income tax withholding requirements.