Tag Archives: Illinois state income tax

Illinois State Income Tax

Illinois State Income Tax

The Illinois state income tax is back up, it’s just a matter of when and how much it will rise.  Will Illinois implement a progressive state income tax like California?  Maybe so if Illinois House Speaker Michael Madigan has his way.  According to Crain’s Chicago Business, House Speaker Madigan plans to introduce legislation calling for a vote in November on a constitutional amendment to allow a progressive state income tax in Illinois.  Specifically, Madigan proposed a 3 percent surcharge on individual income above $1 million.  On the other hand, Senate President John Cullerton may be seeking a progressive state income tax on a lower income threshhold:

http://www.chicagobusiness.com/article/20140320/BLOGS02/140329980/madigan-moves-for-millionaire-surcharge?r=6778C2146356E5Z