Wisconsin vs. Illinois Tax Rates
Side by Side Comparison
Wisconsin Taxes
Corporate Income
Base: Net Income
Rate: 7.9%
(plus a recycling surcharge equal to
3.0% of tax due before credits.)*
Apportionment: 100% sales (eff. 2008)
Personal Income
Rates: 4.60% to 6.75%
(the recycling surcharge also applies to
net business income of individuals at
the rate of 0.2%. Proposal in legislature to lower rates.)*
Property
Base: Real property and tangible personal
property (exemptions for machinery and
equipment used in manufacturing;
manufacturing, merchant and farm
inventories; and computer hardware
and software. Other property tax exemptions apply in specific situations.)
Statewide Rate (excluding Milwaukee
County): Estimated at $20.00 per $1,000 of
full value.
Milwaukee
County Rate: Estimated at $25.00 per $1,000 of
full value.
Sales & Use
State Rate: 5.00%
Local County Option: 0.50%
Stadium Taxes: 0.10% Metro-Milwaukee / 0.50% Brown County
Combined Rates: 5.00% - 5.60%
Unemployment Compensation
Base: $10,500
Rates: 0.50% - 9.80%
New Employers: 3.25% to 3.40%
New Construction Employers: 6.60%
*Surcharge limited to maximum of $9,800 and a minimum of $25. The surcharge is generally imposed on taxpayers engaged in trade or business with gross receipts of at least $4,000,000 for the taxable year.
Illinois Taxes
Corporate Income
Base: Net Income
Rate: 7.3%
(4.8% corporate tax plus a personal
property replacement tax of 2.5%.)
Apportionment: 100% sales
(effef. 2008)
Personal Income
Rates: 3%
(S corporations, trusts and partnerships
pay an additional personal property
replacement tax of 1.5% of net income.)
Property
Base: Real property and a few select types of personal property, e.g. certain electric generating and transmission equipment.
Statewide Rate
: Outside Cook County property assessed at approximately 34% of full value. Estimated at $60 to $90 per $1,000 of assessed value. ($20-$30 of full value.)
Cook County:
Estimated $60 to $175 per $1,000 of assessed value. ($21 - $67 of full value.) Estimated average $100 per $1,000 of assessed value.
Sales & Use
State Rate: 6.25%
Local Option Rate: 0.25% to 3.00%
Combined Rates: 6.25% to 9.25%
(for general merchandise)
Cook/DuPage County Rate (Combined Merchadise): 7.75% / 6.75%
Unemployment Compensation
Base: $11,500
Rates: 1.00% to 8.20%
New Employers: 3.9% generally
Source: Wipfli LLP June 2007