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Income Tax Rates

Tax Types	Current Tax Rates	Prior Year Rates
Business Income Tax	Effective July 1, 2017: Corporations – 7 percent of net income Trusts and estates – 4.95 percent of net income	BIT prior year rates
Individual Income Tax	Effective July 1, 2017: 4.95 percent of net income	IIT prior year rates
Personal Property Replacement Tax	Corporations – (other than S corporations) 2.5 percent of net income Partnerships, trusts, and S corporations 1.5 percent of net income
Withholding (payroll)	Effective July 1, 2017, 4.95 percent of net income is required to be withheld from: employee compensation based on the number of allowances claimed by the employee, Illinois lottery winnings each time a single payment is over $1,000 for both Illinois residents and nonresidents, and other gambling winnings paid to an Illinois resident if the winnings are subject to federal income tax withholding requirements.