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 at, 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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