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Economic Disclosure Statement (EDS)
All residents of Illinois, including Chicago residents, are subject to State and Federal income taxes.
If you need assistance in obtaining any of these forms, please call our Business Contact Center at 312.747. 4747 or for TTY 312.742. 1974.
The Illinois Constitution currently allows larger cities to impose local income taxes, with state lawmakers approval but no cities in Illinois currently collect income taxes.
How is income taxed in Illinois? Illinois flat income tax rate means that every resident, regardless of income level, pays the same individual income tax rate of 4.95 percent.
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People also ask

Johnson endorsed a plan by an activist group called Bring Chicago Home that would impose a mansion tax on real estate transfers valued at $1 million or more. The plan would more than triple the current rate paid by buyers of 0.75% up to 2.65%. That would be an increase to $26,500 from $7,500 per $1 million.
Illinois has a flat income tax that features a 4.95% rate. This means that no matter how much money you make, you pay that same rate.
Illinois has a flat 4.95 percent individual income tax rate. Illinois also has a 9.50 percent corporate income tax rate. Illinois has a 6.25 percent state sales tax rate, a 4.75 percent max local sales tax rate, and an average combined state and local sales tax rate of 8.82 percent.

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