Taxes on Business Income in Illinois

April 13, 2006

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Illinois assesses a corporate franchise tax, two corporate level income taxes and a personal income tax. Also, if you're a corporation, you'll also have to pay $75 per year to file an annual report. So, if you operate a business in Illinois, then it is very likely that you or your business will be responsible for paying at least one of these fees or taxes. We recommend that you review the following discussions to determine which taxes will apply to your business.