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Taxed in Haste

In the waning days of the Spring Session, the Illinois General Assembly passed surprising legislation, permanently increasing the state’s individual income tax rate to five percent and the corporate income tax rate to seven percent—that’s right; permanent.

Early versions of the legislation (SB-9) contained temporary tax rate increases. However, one of the last amendments to the bill, a 500 page document, made the move permanent in spite of opposition.

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