Taxes

 

Corporate Income Tax
4.8% of net income (statewide)

Source: Illinois Department of Revenue
http://tax.illinois.gov/Publications/Sales/SalesTaxRates/FixedRatesIncome.htm

Personal Income
3% of net income (statewide)

Source: Illinois Department of Revenue
http://tax.illinois.gov/Publications/Sales/SalesTaxRates/FixedRatesIncome.htm

Workers’ Compensation-
Cost for a typical manufacturing job in Illinois is $3.65 per $100 of payroll.

Source: U.S. Bureau of Labor Statistics


Machinery & Equipment
•    Exempt if used over 50% of the time
•    Applies to heavy manufacturing machinery only
•    Does not apply to small equipment such as hand tools, supplies, coolants, adhesives, etc.

Personal Property Tax
2.5% of net income

Inventory
None in the state of Illinois

Sales
6.75%

Source: Illinois Department of Revenue
https://www.revenue.state.il.us/app/trii/servlet/TRIInquiry/3123400541217353264016?jobid=09614

Spotlight

on the Sterling Small Business Technology Center

Helping small businesses succeed

According to the U.S. Small Business Administration (www.sba.gov), small businesses are critical to the health and success of the U.S. economy.

Read More >>