Illinois has made the following updates/changes for tax year 2024:
- The due date for filing IL-1040 and paying any tax owed is April 15, 2025.
- The Illinois income tax rate is 4.95 percent.
- The personal exemption amount for tax year 2024 is $2,775.
Form Changes
For tax year 2024, Illinois has updated the following forms:
IL-1040
- Child Tax Credit was added on Line 30. This credit is available for taxpayers who qualify for the Illinois EITC and have at least one child that is their dependent and under the age of 12 years old. The credit is calculated as 20% of the Illinois EITC.
Schedule G
- The 100 Club of Illinois Fund was removed due to not meeting the minimum donation amount.
Schedule M
- Line 40 was updated to clarify the subtraction for disallowed deductions under IRC Section 280E for cannabis establishments, cannabis cultivation centers, or medical cannabis dispensing organizations.
- Line 41 was added for amounts awarded as a result of a judgment or settlement for fertility fraud or donor fertility fraud.
Schedule IL-E/EITC
- Step 4 and the Illinois Expanded EITC Worksheet were updated to simplify claiming the Illinois EITC.
- Child Tax Credit was added on Step 5.
Illinois has also made changes to the following credits for tax year 2024:
Volunteer Emergency Worker Credit
- Expanded to include volunteers with Illinois Emergency Management Agency (IEMA) and Office of Homeland Security (OHS). Note: You must have a Voluntary Emergency Worker Credit
Certificate to claim this credit.
For more information please see the IL-1040 Instructions.