What is the Illinois state income tax rate?

4.95 percent
Illinois has a flat 4.95 percent individual income tax rate. Illinois also has a 9.50 percent corporate income tax rate. Illinois has a 6.25 percent state sales tax rate, a 4.75 percent max local sales tax rate, and an average combined state and local sales tax rate of 8.81 percent.

What is the state tax in Illinois?

6.25 percent
The Illinois’ general state sales and use tax rates are: 6.25 percent on general merchandise, including items required to be titled or registered by an agency of Illinois state government; and. 1 percent on qualifying foods, drugs, and medical appliances.

How is Illinois income tax calculated?

Illinois has a flat income tax of 4.95%, which means everyone’s income in Illinois is taxed at the same rate by the state.

When did Illinois start income tax?

1932
Originally, Illinois didn’t have an income tax. When the Illinois Constitution was written in 1870, it did not directly authorize the state to tax income. In 1932, Illinois approved its first income tax – a progressive income tax, which taxed income at ever-increasing rates.

Why Illinois taxes are so high?

The city’s eight pension funds have accumulated nearly $45 billion in debt, more debt than 44 U.S. states. Local governments across Illinois have pension debt worth $63 billion that causes property taxes to rise each year.

Does Illinois have high state income tax?

The ranking, compiled by the consumer website WalletHub, Illinois has the 10th-highest tax burden in the country, with a total tax burden of 9.7%.

What was income tax slab in 2013 14?

Income Tax Slab & Deductions FY 2013-14