Press Room: Article
October 18, 2011
Illinois Income Tax Modifications
On January 12, 2011, in the final hours of the final day of the State of Illinois 96th General Assembly’s veto session, both chambers narrowly passed income tax rate increases to individuals, trusts, estates, and corporations.
Net operating losses (NOLs) are also suspended and state spending limitations are imposed with tax reductions to the current pre-increase rates should state spending exceed certain limitations. The bill was signed by Governor Pat Quinn on January 13, 2011, and will be effective for taxable years beginning on or after January 1, 2011.