How Illinois Tax Increases May Affect Your Business

Last week Illinois legislators enacted a tax increase that will have a significant effect on business throughout the state. The changes, which boosted individual income tax from 3% to 5% and the corporate income tax from 7.3% to 9.5%, has some businesses considering whether they can afford to maintain their headquarters in Illinois. This situation presents numerous questions for business owners of all sizes  and requires an analysis of various tax and non-tax issues. The tax attorneys of Freeborn, in conjunction with attorneys in our other practice areas, will be preparing a series of updates on this topic; please be sure to check our website periodically.