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Form 1120 Online Illinois Cook: What You Should Know

Illinois State Budget — May 2018 The budget includes revenue estimates for the current calendar year, 2. The estimates are subject to change based on additional financial information, and the budget also includes revenue sources for prior years. See State Budget Overview Illinois Municipal Tax Base — A tax base of revenues determined by combining the municipal property tax base as shown on Form 1120, Line 30, or equivalent, and the county property tax base as shown on Form 1120, Line 34, or equivalent, as well as any applicable state base tax of income or any county taxes paid. It does not include any other local property or local sales taxes that are imposed on property that is not subject to the jurisdiction of a municipality. Illinois Tax Determination and Collection Local government revenues (including income taxes) are collected by the local government and remitted to the Illinois State Revenue Fund. The Illinois State Revenue Fund distributes money to the local government for its support and obligation to meet obligations to local governments. Taxes and Revenue — The table below is a summary of total local and state tax revenues and other revenue: Total Local Government Revenues Other Revenue Tax Base Local Property Tax: County Property Tax: Local Sales Tax: State Sales Tax: Total Federal Revenues Federal Taxes: Federal State Revenue: Other Taxes & Funds: Income Tax: Illinois State and Local Revenue Source Local Government Sources: Property tax revenues: Federal (through U.S. Form 1040 and other) Federal Local: State: Individual Income Tax: Federal (through U.S. Form 1040) Federal Other: State: Individual Franchise Income Tax: State Individual Sales Tax: County: Local Sales and Rental Tax: Property Tax: County: Property Tax: Combined Sales & Residential Personal Property Tax: Combined County & State Personal Property Tax: Local and State Revenues: Local government revenues are determined by combining the local property tax base, County sales base and the combined State sales & local personal property tax. State and local revenue sources were estimated by combining the state gross receipts taxes, Federal income tax, Illinois sales and personal property and Federal franchise income taxes.  Revenue from federal taxes is reported here: state revenue sources, and local revenue sources, local state tax (e.g., county franchise local property tax) are reported in the table. Federal Revenues: Taxes on Illinois residents are distributed to local governments based on the state formula.

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