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Below is a snapshot of key features of Illinois' tax system. (Scroll Down)
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State & Local Revenue (FY08)
- General Revenue, Own-Source (GROS): $78.1 billion
- General Revenue as a Share of Income: 14.5%
- Tax Revenue: $57.8 billion
- Tax Revenue as Share of income: 10.7%
- Personal Income Tax (Share of Tax Revenue): 17.8% (37 out of 51)
- Corporate Income Tax (Share of Tax Revenue): 5.4% (9 out of 51)
- Sales & Excise Tax (Share of Tax Revenue): 33.3% (27 out of 51)
- Property Tax (Share of Tax Revenue): 36.8% (8 out of 51)
- Other Taxes (Share of Tax Revenue): 4.2% (18 out of 51)
Personal Income Tax Features (2011)
- Range of Tax Rates: 5%
- Standard Deduction: None
- Personal Exemption: $2,000
- Dependent Exemption: $2,000
- Earned Income Tax Credit (EITC): 5% Refundable
- Flat income tax rate structure
- Offers notable exclusion for retirement income
Corporate Income Tax Features (2011)
- Range of Tax Rates: 7.00%
- Income Level at Which Top Rate Applies: All
- Combined Reporting: Yes
- Apportionment Factor (Payroll): 0%
- Apportionment Factor (Property): 0%
- Apportionment Factor (Sales): 100%
Sales Tax Features (2011)
- State Sales Tax Rate: 6.25%
- Average Local Sales Tax Rate: 1.65%
- Average Combined State & Local Sales Tax Rate: 7.90%
- State Sales Tax Treatment of Groceries: 1%
- Local Sales Tax Treatment of Groceries: Taxed
- Number of Services Taxed: 17 out of 168 surveyed
- Streamlined Sales Tax Membership: No
- Vendor Compensation available without ceiling
- State sales tax applies to gasoline
- "Amazon law" in effect
Property Tax Features (2011)
- Does not provide a meaningful circuit breaker for non-elderly taxpayers.
- Provides a non-refundable income tax credit equal to 5% of property taxes paid.
- Utilizes split roll system.
Other Tax & Revenue Features (2011)
- Gasoline Tax Rate (per gallon): $0.506
- Diesel Tax Rate (per gallon): $0.518
- Cigarette Tax Rate (per pack): $0.98
- Estate or Inheritance Tax: Yes
- Net Lottery Sales Per Capita: $142
Tax Policy Oversight
- Tax Expenditure Report: Yes
- Tax Incidence Analysis Capability: Personal income tax only
Last Updated August 25, 2011
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