Illinois’s Department of Revenue has lately released new tax tables and a new withholding allowance certificate in conjunction with it an increase in the state’s tax rate. Effective July 1, 2017, the income tax rate in Illinois is 4.95%, increased from 3.75%.
Booklet IL-700-T, “Illinois Withholding Tax Tables,” has been updated effective July 1, 2017. The tax tables themselves have been updated in line with the increase in tax rate. The booklet also provides a new post office box for the Department of Revenue.
Form IL-W-4, “Employee’s and other Payee’s Illinois Withholding Allowance Certificate and Instructions,” has been updated as well. Wage earners use this document to specify paycheck withholding for the state in a manner similar to the federal W-4. The revision has new rules for exemptions for high wage earners.
To review Booklet IL-700-T, “Illinois Withholding Tax Tables,” please follow this link.
To review Form IL-W-4, “Employee’s and other Payee’s Illinois Withholding Allowance Certificate and Instructions,” please follow this link.
The post Illinois Releases New Tax Tables and Withholding Allowance Certificate appeared first on Sovos Compliance.
About the Author
Jesse Rooney is a Regulatory Analysis Counsel at Sovos. His research focuses on AEOI, ACA, information return, and sales tax issues. Mr. Rooney received his B.A. from Framingham State University and his J.D. from the University of Massachusetts School of Law. He is licensed to practice in Massachusetts.More Content by Jesse Rooney