SPRINGFIELD — Taxpayers across Illinois will get a 1.25 percent raise in the new year with the sunset of a temporary income tax increase.
The General Assembly officially adjourned for the year with no action on maintaining the temporary income tax increase that boosted Illinoisans’ income tax from 3.75 percent to 5 percent.
Individuals are not the only ones who could see more added to their bottom line. Corporations are expected to receive a drop in their income tax rate as well.
The increase passed a lame duck session in 2011 with the promise it would drop back down in January 2015. The General Assembly finished its final sessions this week without extending that increase.
Greg Bishop is a reporter for the Illinois News Network.