Illinois recently announced income tax rate decreases applicable to income received on or after January 1, 2015. The Illinois income tax rate for individuals, trusts, and estates is decreasing from 5% to 3.75%, while the Illinois income tax rate for corporations is decreasing from 7% to 5.25%. Additionally, for years ending on or after December 31, 2014, corporations may use their Illinois net loss deduction without the $100,000 limitation that was in place the past few years.