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The Illinois Fair Tax was a proposed amendment to the Illinois state constitution that would have effectively changed the state income tax system from a flat tax to a graduated income tax. The proposal, formally titled the "Allow for Graduated Income Tax Amendment", appeared on the ballot in the November 3, 2020 election in Illinois as a ...
Previously, during a special session in August, 2022, the top personal income tax rate was reduced to 4.9% retroactively effective to January 1, 2022, instead of 2025 as was originally planned while also marking the first time since 1971 that the top income tax rate has been 5.0% or lower.
The 1990 and 1993 budget acts increased ordinary tax rates but re-established a lower rate of 28% for long-term gains, though effective tax rates sometimes exceeded 28% because of other tax provisions. [11] The Taxpayer Relief Act of 1997 reduced capital gains tax rates to 10% and 20% and created the exclusion for one's primary residence. [11]
If you’re an Illinois resident or business owner, you have until April 18, 2023, to file your Illinois state income taxes. If you’re expecting a refund this year, this quick guide explains how ...
Illinois Gov. JB Pritzker is also addressing the issue of rising prices. He signed a bill to eliminate Illinois' grocery tax. Illinois is one of the few states that taxes groceries. This tax cut ...
By increasing that rate from 34% to 35%, the state is anticipating an additional $35 million in tax revenues after receiving $818 million in the prior fiscal year.