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Illinois Millionaires Tax?

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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.

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