skip to Main Content
Free Consultations: 847-382-9130

Illinois Millionaires Tax?

  • News

SPEAKER MADIGAN AGAIN PROPOSES MILLIONAIRES TAX

Update and Follow Up

Illinois House Speaker Michael Madigan continues to pursue a proposal for an Illinois constitutional amendment placing an additional 3% surcharge tax on Illinois personal income of more than $1 million. This measure is intended to increase funding for education. If the Illinois General Assembly passes this measure in the future, the earliest for implementation is 2017 as Illinois voters would have to approve the measure on the November 2016 ballot by more than 60 percent. Please recall and note that 64% of Illinois voters have already indicated favor for this surcharge pursuant to the 2014 advisory vote that was included on the Illinois 2014 ballot.

Kelleher & Buckley, LLC is available to assist you regarding both Federal and Illinois personal and business income tax matters.

Stay tuned for more updates.

Advertising Materials
Kelleher & Buckley, LLC provides competitive legal, tax, advisory and business services, continuously striving to exceed our clients’ expectations, attract and retain talented people and be the law firm of choice for individuals and businesses alike.

Pursuant to requirements related to practice before the Internal Revenue Service, any tax advice contained in this communication (including any attachments) is not intended to be used, and cannot be used, for purposes of (i) avoiding penalties imposed under the United States Internal Revenue Code or (ii) promoting, marketing or recommending to another person any tax-related matter.

Back To Top