July 12, 2017
Illinois Public Act 100-0022 amends the Illinois Income Tax Act and Retailers’ Occupation Tax Act resulting in numerous state tax changes
1. Effective July 1, 2017, Illinois income tax rates for individuals, trusts and estates increase from 3.75 percent to 4.95 percent;
2. Employers, payroll service providers, software developers, and payers of gambling and lottery winnings who withhold Illinois income taxes must now immediately adjust withholding tax rates (Booklet IL-700-T, Illinois Withholding Tax Tables, has been updated and is available on the Department of Revenue’s website);
3. For tax years beginning on or after January 1, 2017, taxpayer’s with AGI for the taxable years exceeding $500,000 for married filing jointly returns and $250,000 for all other returns may not claim: the personal exemption allowance; the K-12 Education Expense Credit; or the Illinois Property Tax Credit;
4. Effective July 1, 2017, for corporations (excluding S corporations) the Illinois income tax rate is increased from 5.25 to 7 percent;
5. For taxable years ending on or after December 31, 2017, the Domestic Production Activities Deduction allowed under IRC Section 199 must be added back to AGI for individuals or taxable income for all other taxpayers;
6. The Illinois Research and Development Credit has been reinstated and is retroactive for the 2016 tax year subject to certain limitations;
7. Illinois Unitary business groups will no longer be allowed to exclude members classified as financial organizations, insurance companies or transportation companies pursuant to IITA Section 304;
8. Effective July 1, 2017, for sales and use tax, the manufacturing and assembling machinery and equipment exemption is expanded to include graphic arts machinery and equipment;
9. Effective July 1, 2017, tax is imposed on 100 percent of the proceeds from the sales of gasohol, which eliminates the current 20 percent exemption;
10. The 100 percent exemption for the majority blended ethanol fuel, 100 percent biodiesel, and biodiesel blends with more than 10 percent but no more the 99 percent biodiesel, is extended through December 31, 2023.
The Illinois Department of Revenue has posted information concerning these changes on its website.
These days, we seem to have endless articles on IT security while traveling, but far fewer on physical safety. Because summer can be big travel months for many businesses, we put together the following list of tips to help keep you safe while away from home.
As your trusted advisor, we are always looking for ways to improve your financial health—and that doesn’t stop at business activity. We also want to support you with tips to help you save money in your personal life as well.
June is national safety month, and it never hurts to remind your clients and community that safety always comes first. Our goal with this blog is to help you augment your marketing initiatives with a few ideas around safety. While we can’t cover every industry in a single post, we hope that you find the tips below useful and that they spark some innovative new marketing ideas!