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The Illinois state and county exemptions for transfer taxes are as follows: a) Deeds representing real estate transfers made before January 1, 1968, but recorded after that date and trust documents executed before January 1, 1986, but recorded after that date. 35 ILCS 200/31-45(a).
What are the rates? Corporations pay a 2.5 percent replacement tax on their net Illinois income. Partnerships, trusts, and S corporations pay a 1.5 percent replacement tax on their net Illinois income. Public utilities pay a 0.8 percent tax on invested capital.
All business entities registered with the state of Illinois must file an annual report that confirms and/or amends basic information about your business. If youre filing an annual report for a corporation, youre also subject to the states annual franchise tax.
Some customers are exempt from paying sales tax under Illinois law. Examples include government agencies, some nonprofit organizations, and merchants purchasing goods for resale. Sellers are required to collect a valid exemption or resale certificate from buyers to validate each exempt transaction.
Replacement Tax, also known as Personal Property Replacement Tax, is a tax on the net income of corporations, subchapter S corporations, partnerships, and trusts. This tax replaces money lost by local governments when their power to impose personal property taxes was taken away.
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The Illinois Income Tax is imposed on every trust and estate earning or receiving income in Illinois or as a resident of Illinois. The Illinois Individual Income Tax is imposed on every individual earning or receiving income in Illinois.
RD Tax Credit Companies that are looking to expand research activities in Illinois are now eligible for a 6.5% income tax credit on qualified RD costs.
What Is the Illinois Form 1299 C? Form 1299 C is a tax schedule exclusive to the state of Illinois. It is required by residents who want to claim credits on their income tax. These credits may include property tax, education expense, or earned income credits.

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