Illinois Income Tax Rollback Starts Jan. 1

Date: December 18, 2014

The Illinois Department of Revenue is reminding employers that the the temporary state income tax rate of 5% rolls back to 3.75% on Jan. 1. That means workers will see an additional 1.25% in their paychecks beginning next month.

On the other hand, the rollback means state revenues will decrease by as much as $2 billion in the final half of the current fiscal year and another $4 billion in the complete fiscal year beginning July 1.

The IL-700-T, Illinois Withholding Tax Tables for 2015, is now available on our website athttp://tax.illinois.gov/Publications/OtherPub.htm, which enables employers to determine how much tax to withhold from employee paychecks under the new rate.

Related Content: Small Business News | Illinois

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