what is the state of il income tax rate
Income Tax returns and schedules. The Illinois Business Income Tax rate for tax years. ending on or after December 31, 2015, is 5.25 percent. (.0525) for taxpayers taxed as corporations, and 3.75. percent (.0375) for taxpayers taxed as trusts or estates. The instructions for overpayments to be carried forward.
Illinois income tax is levied at a flat 3% rate regardless of income level. A deduction of $2,000 is allowed for each exemption claimed on your federal return. You can also receive an additional $1,000 exemption if you or your spouse is 65 or older, legally blind, or both.