As the old saying goes, “Few things in life are certain with the exception of death and taxes.” And taxes are not always certain either.
The Illinois legislature put in place changes to the Illinois tax code that affect all taxpayers including farmers. These changes are effective July 1.
A few of those items that have an impact on those involved in production agriculture in Illinois are
- The personal income tax rate for Illinois residents, Form IL-1040, and Illinois non-residents with income in Illinois, Form IL-1040 NR, increase from 3.75 percent to 4.95 percent — 4.35 percent blended rate for 2017 calendar year — effective July 1, 2017 with no sunset.