On January 13th, Governor Quinn signed a bill to increase taxes starting 2011. 

The income tax rates in Illinois will increase temporarily to 5% for individuals and to 7% for corporations through 2014. Really though is there ever a tax increase that is temporary.  It's just Quinn's way to try to make you feel good!  The tax rates decrease for tax years 2015-2024, and again beginning in 2025. Corporations also are subject to the 2.5% personal property replacement tax, so the overall corporate tax rate would rise to 9.5%.

Additionally, for corporate income tax purposes, the net loss carryover deduction will be suspended for tax years 2011-2014. After this period, deductions will again be allowed.

For estimated tax payment purposes, for installments due after January 31, 2011, and before February 1, 2012, the term "required annual payment" will mean the lesser of:

90% of the tax shown on the return (or if no return is filed, 90% of the tax for that year), or

150% of the tax shown on the return of the previous year if the taxpayer filed a return for a taxable year of 12 months.

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This post has been included in Illinois Real Estate News
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12 Comments on Illinois & Quinn Make it official! More Taxes for everyone!

JAN
14
2011
1,949,785 Points 478 Featured Posts Localism Sponsor Attended Rain Camp Called Shot Master

HA!  That schedule of on-again off-again tax rates sounds similar to Obamacare.  Of course, although the overall rates are not exorbitant, they are in ADDITION to confiscatory federal taxes. 
9:29am • #1
610,268 Points Outside Blog

Thanks for sharing the information in your blog.  Taxes are a little bit of a mystery to me.  Thank goodness, I have a good CPA.
9:33am • #2
184,332 Points Called Shot Master

Good Morning Larry, Taxes! OMG, is there going to ever be point that they say enough. I find it funny. That God only asks for 10% yet are government want more the three times that much.
9:35am • #3
842,602 Points 85 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Lenn....I wish that I got some enjoyment from Quinn putting his hands in my pockets, but sadly I don't.  Nor do I with Obama.

Allen....more taxes are bad, less taxes are good!

Arleen/Tracey....God doesn't ask for enough and he only asks.  For the government, there's not enough, and it doesn't ask, it takes.
9:40am • #4
1,054,412 Points 2 Featured Posts Called Shot Master

Larry, good info for your local market....I always remember Suze Orman saying,higher taxes are a good thing!
9:57am • #5
413,687 Points 88 Featured Posts Localism Sponsor Outside Blog Called Shot Master

Kristin and I must have different priorities -- more taxes are not good.

I'm pretty upset about this....this amount of increase is substantial. Several hundred dollars more a month is a lot.

I need a new accountant. Discrete, trustworthy, local...any recommendations? You know everyone in town.
10:08am • #6
842,602 Points 85 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Kristin...I'm hoping that you're being sarcastic here.  If you are, I just didn't pick it up.

Leslie...I'm hoping that she's being sarcastic.  Needless to say I don't get this.  Even if it is temporary in langauge, there is no temporary when it comes to taxes.
11:13am • #7
308,212 Points 2 Featured Posts Localism Sponsor Called Shot Master

There's no temporary raise in taxes.  This will be permanent and in IL it will be repeated.  If higher taxes were a good thing, those who voted for Quinn must be deliriously happy now. 
12:22pm • #8
842,602 Points 85 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Yolanda....I sure hope they are.  They got what they wished for!
3:13pm • #9
1,057,134 Points 27 Featured Posts Outside Blog Called Shot Master

Even your temporary increase is less than when I pay here in California. If only you didn’t have snow over there…. J♪♫♫♪
5:37pm • #10
JAN
15
2011
644,818 Points 8 Featured Posts Outside Blog Called Shot Master

I have never never never heard of a tax being removed that was claimed to be temporary. We need another good mortgage lender here in Tennessee where we have no state income tax.
9:13am • #11
842,602 Points 85 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Mike....case and point.  I was listening to the WTMJ 620 in Milwaukee this morning for the Packers.  It was too early, but the entire talk was about this new Tax in Illinois is one of the best things that has happened to Wisconsin.  The state is already reaching out to Illinois Companies and corporations.  How great is that?  Seriousy......good for Wisconsin.  INCREDIBLY STUPID FOR ILLINOIS!
12:34pm • #12

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