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1 Jared Walczak & Joseph Henchman, Illinois Considers an 11.25 Percent Tax on Small Businesses 1 (2016)

handle is hein.taxfoundation/ilcoptxsmbu0001 and id is 1 raw text is: OIllinois Considers an 11.25 Percent FOUND11ATION FISCAL Tax on Small Businesses FACT By Jared Walczak & Joseph Henchman No. 507 Policy Analyst Vice President, Apr. 2016 Legal & State Projects Key Findings A proposal under consideration in Illinois would convert the state's single- rate individual income tax into a four-bracket tax with a top rate of 9.75 percent on individuals and 11.25 percent on small businesses. The proposal is contingent on ratification of a constitutional amendment authorizing a graduated-rate income tax, which could also permit alternative graduated-rate income tax rates and brackets in the future. Under the proposal, Illinois would impose the second-highest state rate in the country on pass-through businesses, after only California. Illinois would be third after the state of California and New York City when local income taxes are also taken into account. By changing one of the most competitive elements of the Illinois tax code, the state would fall from 23rd to 48th on the Tax Foundation's State Business Tax Climate Index. The Tax Foundation is the nation's leading independent tax policy research organization. Since 1937, our research, analysis, and experts have informed smarter tax policy at the federal, state, and local levels. We are a 501(c)(3) non-profit organization. @2016 Tax Foundation Distributed under Creative Commons CC-BY NC 4.0 Designer, Dan Carvajal Tax Foundation 1325 G Street, NW, Suite 950 Washington, DC 20005 202.464.6200 taxfoundation.org

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