Individual Income Tax: Effective July 1, 2017.
Business Income Tax: Effective July 1, 2017.
- Corporations – 7 percent of net income
- Trusts and estates – 4.95 percent of net income
To determine the tax due for years ending on or after July 1, 2017, refer to Informational Bulletin FY2018-02.
Personal Property Replacement Tax:
- Corporations (Other than S corporations)
- 2.5 percent of net income
- Partnerships, trusts, and S corporations
- 1.5% of net income
Withholding (payroll): Effective July 1, 2017
4.95 percent of net income is required to be withheld from:
- employee compensation based on the number of allowances claimed by the employee,
- Illinois lottery winnings each time a single payment is over $1,000 for both Illinois residents and nonresidents, and
- other gambling winnings paid to an Illinois resident
if the winnings are subject to federal income tax withholding requirements.
Franchise Tax: Illinois corporations are also subject to a franchise tax. The tax is based on the share of a corporation’s paid-in capital in the state of Illinois. The initial franchise tax is imposed at the beginning of the corporation’s first year doing business in the state. The initial franchise tax rate is 0.15% of the share of paid-in capital in Illinois. The franchise tax must be no less than $25.00 and no more than $2 million. After a corporation’s first year, the franchise tax is due annually at a rate of .10%, again with a minimum of $25.00 and a maximum of $2 million.
Sales Tax: The retail sales tax rate in Morrison is 6.25%. For details on sales tax, click here.
Property Taxes: Cities and counties in Illinois receive most of their revenue through property taxes. Assessed value is 33.33% of market value. Basic levy for Morrison, IL 2010 taxes payable in 2011 (per $100 of assess valuation) was a rate of 8.7185. For a $95,000 house (assuming the taxpayer uses the homestead exemption), the tax bill would be $2,240.
City of Morrison tax information, click here.