5/5/2023 0 Comments 2016 tax extension form nc![]() The starting point for the Illinois Corporate Income and Replacement Tax Return is federal taxable income, which is income minus deductions. Tax Rate Database to determine th e corporation income and replacement tax rates. Replacement tax is collected from corporations, subchapter S corporations, partnerships, and trusts by the State of Illinois and paid to local governments. ![]() ![]() This tax replaces money lost by local governments when their power to impose personal property taxes was taken away. Replacement Tax , also known as Personal Property Replacement Tax, is a tax on the net income of corporations, subchapter S corporations, partnerships, and trusts. The Illinois Income Tax is based, to a large extent, on the federal income tax code. ![]() The tax is calculated by multiplying net income by a flat rate. The Illinois Income Tax is imposed on every taxpayer e arning or receiving income in Illinois. ![]()
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