Illinois income tax-rate drops 25 percent - KFVS12 News & Weather Cape Girardeau, Carbondale, Poplar Bluff

Illinois income tax-rate drops 25 percent

SPRINGFIELD, IL (KFVS) - Illinois residents will see a 25 percent drop in their income tax rate in 2015.

The scheduled decrease is a part of a 2011 state income tax hike, when state legislators voted to raise Illinoisan's income tax from 3 percent to 5 percent.

The state income tax has rolled back from 5 percent to 3.75 percent beginning January 1, 2015. 

The Illinois Policy Institute reports that the average family in Illinois will take home an additional $1,075 a year as a result of the rollback.

The tax rate for corporations is also decreasing – from 7 percent to 5.25 percent.

Here is a look at what an Illinois resident making $50,000 per year will save with the January 1 income tax decrease.

An Illinois resident earning $50,000 a year will save $625 with the January 1 income tax decrease, or, instead of paying $2,500 on a 5 percent income tax in 2014, that person will now pay $1,875 on a 3.75 percent income tax in 2015.

Copyright 2015 KFVS. All rights reserved.
  • Heartland NewsMore>>

  • Social media finds owner of army jacket

    Social media finds owner of army jacket

    Wednesday, July 18 2018 4:33 PM EDT2018-07-18 20:33:04 GMT
    Social media has shown just how powerful it can be once again, helping to get lost things back to where it belongs. (Source: Kelsey Anderson, KFVS)Social media has shown just how powerful it can be once again, helping to get lost things back to where it belongs. (Source: Kelsey Anderson, KFVS)
    (source: Kelsey Anderson, KFVS)(source: Kelsey Anderson, KFVS)

    Social media has shown just how powerful it can be once again, helping to get lost things back to where it belongs.  

    Social media has shown just how powerful it can be once again, helping to get lost things back to where it belongs.  

  • Sikeston, MO counselor uses power lifting to inspire clients

    Sikeston, MO counselor uses power lifting to inspire clients

    Wednesday, July 18 2018 4:27 PM EDT2018-07-18 20:27:45 GMT
    A clinical therapist at Bootheel Counseling in Sikeston, Missouri asked his clients to get out their own comfort zone. (Source: Mark Madigan)A clinical therapist at Bootheel Counseling in Sikeston, Missouri asked his clients to get out their own comfort zone. (Source: Mark Madigan)
    (source: Mark Madigan)(source: Mark Madigan)

    A clinical therapist at Bootheel Counseling in Sikeston asked his clients to get out their own comfort zone.  

    A clinical therapist at Bootheel Counseling in Sikeston asked his clients to get out their own comfort zone.  

  • First Alert: Scattered storms possible, but less humid

    First Alert: Scattered storms possible, but less humid

    Wednesday, July 18 2018 3:41 PM EDT2018-07-18 19:41:50 GMT
    Sunny day with wispy clouds near Olive Branch, IL.  (Source: William Foeste)Sunny day with wispy clouds near Olive Branch, IL. (Source: William Foeste)

    Temperatures are more pleasant this afternoon, running in the 80s to around 90. The heat index has been close to the actual temperature today in most areas.

    Temperatures are more pleasant this afternoon, running in the 80s to around 90. The heat index has been close to the actual temperature today in most areas.

Powered by Frankly