Article I of the United States Constitution created and empowered our legislative branch of government. The United States Congress leads the legislative branch. Congress includes both the House of Representatives and the Senate. Generally speaking, Congress makes our laws.
Illinois income tax is levied at a flat 3% rate regardless of income level. A deduction of $2,000 is allowed for each exemption claimed on your federal return. You can also receive an additional $1,000 exemption if you or your spouse is 65 or older, legally blind, or both.
Illinoisâs corporate income tax is charged at a flat rate of 7% of federal taxable income, with adjustments. Returns are due on the 15th day of the 3rd month after the end of the corporationâs tax year. For corporations with tax years following the calendar year, this means March 15th. (For the sake of comparison, the Illinois personal income tax rate is a flat 5% of federal adjusted gross income, with adjustments.)