Illinois has made the following updates/changes for tax year 2022:
- The Illinois income tax rate is 4.95 percent.
- The personal exemption amount for tax year 2022 is $2,425.
For tax year 2022, Illinois has added the following credits:
- Reimagining Electric Vehicles Credit
- Agritourism Liability Insurance Credit
- Recovery and Mental Health Credit - effective on or after January 1, 2023.
Illinois has also made changes to the following credits for tax year 2022:
- The Economic Development for a Growing Economy credit will end on or before June 30, 2027.
- The Film Productions Services Credit will end on or before December 31, 2026.
- The Hospital credit will end on or before December 31, 2027.
- The Invest in Kids Credit will end on or before December 31, 2023.
For more information please see the IL-1040 Instructions.