Business Information & Rankings
- Illinois ranks 7th largest tech economy in the nation. (Cyberstates, 2005)
- Illinois ranks 1st in States for Biotech Growth (Laboratories of Innovation: State Bioscience Initiatives, 2004)
- Illinois ranks 4th for “insourcing,” or bringing in jobs to the state from foreign-headquartered international firms (Organization for International Investment, 2004)
- Illinois ranks 5th in the number of privately-held, 50% or more women-owned firms in 2004, 4th in employment, and 5th in sales. (Center for Women?s Business Research)
Cost of living
|For Chicago, IL (2005):||Index Score|
|Misc. Goods & Services:||99.9|
Illinois has the 23rd lowest crime ranking in the U.S. (F.B.I., 2004)
Fees & Taxes
Business Inventory Tax
Business inventory is exempt.
Corporate Income Tax
Rate: 4.8%. An additional personal property replacement tax is imposed on corporations at the rate of 2.5% of taxpayer’s net income.
Personal Income Tax
Rate: 3% of net income
Personal Property Tax
State Sales and Use Tax
Base Rate: 6.25%
Machinery Rate: none
There is an exemption for sales of machinery and equipment, including maintenance and repair machinery, for use primarily in manufacturing or assembling tangible personal property for sale or lease.
The new employers’ rate in Illinois is 4.7% for 3 years.