New Withholding Tax In Effect In IL.
The Illinois Department of Revenue has released details of the new income tax hike approved last week by state lawmakers. According to a story reported on by our news partner WQAD TV the new individual tax rate is 4.95 percent. Previously is was 3.75. Corporate rate jumps to 7.0 percent from 5.25 percent.
This means less money in your paycheck as employers will begin deducting withholding amounts based on a new table from the state.
Illinois has not had a state budget since 2015 and lawmakers say that the increase is needed to pay for the budget.