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It details changes under the Taxpayer Accountability and Budget Stabilization Act, including revised individual, corporate, estate, trust, and replacement tax rates, expected budget effects, and guidance on withholding and estimated tax payment compliance for calendar and fiscal year filers. The update also references related operational and legal matters such as court cases and IDOR informational bulletins.",{"@graph":63,"@context":118},[64,80,101],{"@type":65,"itemListElement":66},"BreadcrumbList",[67,71,74,77],{"item":68,"name":69,"@type":70,"position":9},"https://docshare.wps.com","Home","ListItem",{"item":72,"name":10,"@type":70,"position":73},"https://docshare.wps.com/template/",2,{"item":75,"name":51,"@type":70,"position":76},"https://docshare.wps.com/template/general/",3,{"item":78,"name":59,"@type":70,"position":79},"https://docshare.wps.com/template/2011-illinois-update-idor/304585/",4,{"url":78,"name":59,"@type":81,"image":82,"author":87,"headline":59,"publisher":90,"fileFormat":93,"inLanguage":57,"description":61,"dateModified":94,"datePublished":95,"encodingFormat":93,"isAccessibleForFree":96,"interactionStatistic":97},"DigitalDocument",{"url":83,"@type":84,"width":85,"height":86},"https://docshare.wps.com/thumbnails/2011-illinois-update-idor/304585.png","ImageObject",442,249,{"name":88,"@type":89},"Dozel","Person",{"url":68,"name":91,"@type":92},"DocShare","Organization","application/pdf","2026-09-22","2026-09-19",true,{"@type":98,"interactionType":99,"userInteractionCount":9},"InteractionCounter",{"@type":100},"ViewAction",{"@type":102,"mainEntity":103},"FAQPage",[104,110,114],{"name":105,"@type":106,"acceptedAnswer":107},"What revenue sources make up the Illinois general fund in FY 2010?","Question",{"text":108,"@type":109},"FY 2010 general fund revenue is attributed to individual income tax, sales tax, federal funds, corporate income taxes, gaming income, public utility taxes, and remaining miscellaneous sources such as cigarette, liquor, inheritance, insurance, and borrowing.","Answer",{"name":111,"@type":106,"acceptedAnswer":112},"How did Illinois tax rates change for individuals and corporations starting January 1, 2011?",{"text":113,"@type":109},"The act increased individual, trust, and estate income tax rates from 3% to 5% effective January 1, 2011 through December 31, 2014, and it raised the corporate rate from 4.8% to 7% for the same period, with scheduled decreases thereafter.",{"name":115,"@type":106,"acceptedAnswer":116},"How should taxpayers handle withholding and estimated tax payments due to the rate increase?",{"text":117,"@type":109},"Employers were required to begin 5% withholding from wages in January 2011, and self-employed taxpayers generally needed to increase 2011 estimated payments. 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No subsequent modifications were made.  \nILLINOIS GENERAL FUND REVENUE SOURCES  \nIn fiscal year 2010, individual income tax revenues contributed $8.51 billion to Illinois’ income, providing 28. 1% of the state’s $30.33 billion general fund revenue collection. Sales tax collections provided another $6.31 billion (20 . 8%), followed by $5.92 billion (19 . 5%) in federal funds, corporate income taxes of $1.36 billion (4 . 5%), gaming income of $1.01 billion (3 . 3%), and public utility taxes of $1.09 billion (3 . 6%) . Cigarette, liquor, and inheritance taxes; insurance; short-term borrowing; and other miscellaneous sources accounted for the remaining 20.2%($6 . 13 billion) of the FY 2010 general revenue funds.1  \nIllinois General Fund Revenue Sources FY 2010  \n1. Daniel W. Hynes, Comptroller State Budget Report, 2010 IL-1040 Instructions, page 15.  \nILLINOIS TAX RATE INCREASES  \nIt is no secret that the State of Illinois is experiencing financial difficulties. In a preliminary analysis of the state’s proposed FY 2012 budget, the Center for Tax and Budget Accountability (CTBA), a nonprofit, bipartisan research and advocacy think tank, projected a carryover deficit of nearly $16 billion from FY 2011 to FY 2012.2  \nCTBA analysts reduced this startling shortfall to slightly over $13 billion after Governor Quinn signed the Taxpayer Accountability and Budget Stabilization Act on January 13, 2011.3 In addition to reducing the initial budget hole carried over from FY 2011 by nearly $3 billion, projections call for tax-rate increases to raise state revenue by $7.25 billion in FY 2012.4  \nThe act increased Illinois’ individual, trust, and estate income tax rates by 67%, with rates jumping from 3% to 5% effective January 1, 2011, through December 31, 2014. The rate is scheduled to decrease to 3.75% from January 1, 2015, to December 31, 2024, and then decrease again to 3.25% starting on January 1, 2025. The corporate tax rate rose from 4.8% to 7% effective January 1, 2011, through December 31, 2014. It is scheduled to drop to 5.25% between January 1, 2015, and December 31, 2024, with a reversion to 4.8% starting on January 1, 2025. Replacement tax rates did not increase. The replacement tax remains at 2.5% for corporations and 1.5% for S corporations, partnerships, and trusts.5  \nIllinois Tax Rates  \n\n| Entity Type Prior to 1/1/2011a | 1/1/2011 through 12/31/2014 |\n| --- | --- |\n| Individual 3% income\u003Cbr>Trust 3% income, 1 .5% replacement\u003Cbr>Estate 3% income\u003Cbr>C corporation 4.8% income, 2 .5% replacement S corporation 1.5% replacement\u003Cbr>Partnership 1.5% replacement | 5% income\u003Cbr>5% income, 1.5% replacement 5% income\u003Cbr>7% income, 2.5% replacement 1.5% replacement\u003Cbr>1.5% replacement |\n| a The ‘‘prior to’’ rates reflected in this table apply to the three open tax years | immediately preceding the recent tax |\n| hike. Illinois’ first income tax debuted at a rate of 2 . 5% in 1969 and rose to 3% | in 1989 . |\n\nAlthough income tax rate increases are scheduled to decrease on December 31, 2014, many speculate that the rate incre","cbCaitgBGdMHWTpU","https://ap.wps.com/l/cbCaitgBGdMHWTpU","pdf",1527274,34,"English","# Illinois General Fund Revenue Sources\n# Illinois Tax Rate Increases\n## Effect of Tax Rate Increase on Taxpayers\n# IDOR Operational Update\n# Backup Withholding for Pass-Through Entities\n# Illinois Special Depreciation\n# Directory of IDOR Informational Bulletins for FY 2011\n# Illinois Small Business Jobs Creation Tax Credit\n# Estate Tax\n# Recent Illinois Court Cases","[{\"question\":\"What revenue sources make up the Illinois general fund in FY 2010?\",\"answer\":\"FY 2010 general fund revenue is attributed to individual income tax, sales tax, federal funds, corporate income taxes, gaming income, public utility taxes, and remaining miscellaneous sources such as cigarette, liquor, inheritance, insurance, and borrowing.\"},{\"question\":\"How did Illinois tax rates change for individuals and corporations starting January 1, 2011?\",\"answer\":\"The act increased individual, trust, and estate income tax rates from 3% to 5% effective January 1, 2011 through December 31, 2014, and it raised the corporate rate from 4.8% to 7% for the same period, with scheduled decreases thereafter.\"},{\"question\":\"How should taxpayers handle withholding and estimated tax payments due to the rate increase?\",\"answer\":\"Employers were required to begin 5% withholding from wages in January 2011, and self-employed taxpayers generally needed to increase 2011 estimated payments. Calendar-year filers can avoid penalties by meeting threshold percentages of 2011 tax liability or 2010 tax liability, depending on timing and prior-law treatment.\"}]","2011 Illinois Update - IDOR | PDF",1789815079]