State Corporate Income Tax Rates and Brackets for 2022
Forty-four states levy a corporate income tax. Rates range from 2.5 percent in North Carolina to 11.5 percent in New Jersey.
7 min read
Illinois Tax Rates, Collections, and Burdens
How does Illinois’s tax code compare? 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. Illinois’s tax system ranks 36th overall on our 2023 State Business Tax Climate Index.
Each state’s tax code is a multifaceted system with many moving parts, and Illinois is no exception. The first step towards understanding Illinois’s tax code is knowing the basics. How does Illinois collect tax revenue? Click the tabs below to learn more! You can also explore our state tax maps, which are compiled from our annual publication, Facts & Figures: How Does Your State Compare?
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