Illinois to have in-between tax rate for 2017 income
SPRINGFIELD, Ill. – Illinois taxpayers will be paying an in-between rate on 2017 income as a result of the state’s tax increase.
The State Journal-Register reports the Illinois Department of Revenue has calculated that the “lended” rate will be 4.35 percent for individual returns that are due in April. The basic tax rate increased in July from 3.75 percent to 4.95 percent.
Department spokesman Terry Horstman says the rate is based on the number of days under the 3.75 percent and the days under the 4.95 percent rate.
Horstman says the state tax forms will use the blended rate to make it easier for taxpayers. He says the rate on returns applies to income earned from January through December.
Information from: The State Journal-Register, http://www.sj-r.com