An “in-between” tax rate is coming to Illinois for 2017 earnings. There was a tax increase in the state and thus the Illinois Department of Revenue calculated a “blended” rate of 4.35% following an increase of the basic rate (in July) from 3.75 to 4.95%. According to Terry Horstman – spokesman for the Department of Revenue – this figure is based on the amount of days under the two different figures. Tax forms will comprise the blended rate facilitating the process for taxpayers. The rate is for income from January-December 2017. The increase in tax rates is in order to raise over $5.1 billion for the 2018 fiscal year.
There are potentially more tax increases in the pipeline too that will go toward recreation programs. With a tax property increase the Chicago Park District believes they will get closer to their proposed $462.3 million budget for park expansion and “special recreation programming” and sites. This would only cost the average homeowner an additional $6.48 and would generate a staggering $7.6 million in revenue.
When it comes to wind energy firms in the state, the taxing model there has been “touted as one of the best in the country, bringing in $30.4 million in property taxes in 2016, according to economic experts.” Whereas it’s common for most of the nation to implore a very patchy system, Illinois has a much more “consistent” one which began in 2007 after its legislature found its system of property tax assessments was so problematic and confusing when it came to wind companies.