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FY 2024-02, Personal Exemption Allowance Amount Changes

News – Wednesday, July 5, 2023

Effective June 7, 2023, Public Act 103-0009 maintained the 2022 Individual Income Tax personal exemption allowance at $2,425 for 2023. Note: The Illinois individual income tax rate has not changed. The rate remains 4.95 percent.

As a result of this change, a formula to calculate catch-up withholding for the remainder of the 2023 tax year has been developed and is available in the updated 2023 Booklet IL-700-T, Illinois Withholding Tax Tables.

Resources pertaining to this change may be found below.