The rates and brackets for taxpayers filing joint returns, as codified in Illinois Income Tax Act Section 201.1, are set forth on page 2: If (and only if) the constitution is amended, a new graduated rate structure goes into effect January 1. A measure on the ballot in November would remove this requirement by amending Section 3(a). In other words, a “flat tax” is constitutionally required, and all we’ve ever known (at least at the state level), in Illinois. This was the first time an Illinois state constitution explicitly referred to an income tax at all, and although in 1969 the Illinois Supreme Court held that such a tax was permissible under the 1870 constitution, the new constitution set out parameters, conveniently aligned with the tax already in place. The first sentence of Section 3(a) of Article IX of the Illinois Constitution of 1970 provides as follows:Ī tax on or measured by income shall be at a non-graduated rate. This is, as of right now, our only option. Illinois’ current income tax is commonly referred to as a “flat” tax, meaning there is only a single tax rate, rather than a “graduated” tax structure, where different rates apply to different levels of income. By Kellie Cookson The Proposed Graduated Income Tax in Illinois – A Closer Look
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |