Illinois income tax rate increased to 4.95% beginning July 1, 2017

The Illinois House has voted to override the Governor’s veto of budget legislation that, among other things, increases the personal income tax rate to 4.95%, effective July 1, 2017. The law also eliminates the additional personal income tax exemption for taxpayers who are 65 or older or blind, if a taxpayer’s adjusted gross income exceeds a certain threshold. (H.B. 9, veto overridden, July 6, 2017.)

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