The Illinois state corporate income tax continues to be understated by reporters and politicians, according to the president of one of the nation’s largest taxpayer groups, Taxpayers United of America (TUA).
Press Release from Taxpayers United of America | View as PDF
“The total Illinois corporate state income tax rate of 9.5% includes a base rate of 7% and another 2.5% on top of that, which was added by constitutional amendment in 1980,” said Jim Tobin, President of TUA. “The additional tax was called a ‘personal property replacement tax,’ which purportedly replaced a 19th-century tax that was not even being collected.”
The Ill. Dept. of Revenue’s own website states: “For tax years beginning on or after January 1, 2011, corporations pay 7.0 % income tax and 2.5% replacement tax.”
“In 2011, the Democrat-controlled state legislature pushed through a huge, back-breaking 67% increase in the state personal income tax, as well as hiking the state corporate income tax. Every dollar from these gigantic tax increases is being used to prop-up the failed government employee pension system from which they and their special-interest supporters benefit.