In January, Illinois Senators revived Senate Bill 750, which would restructure the state’s tax system to support schools but include a sales tax on self-storage rentals. Their aim is to reduce dependence on property taxes for education by increasing income, business and other taxes. The change will create an approximate $7.2 billion increase in taxes while reducing property taxes by about $2.5 billion.
SB750 amends the State Finance Act and the Illinois Income Tax Act, and creates the School District Property Tax Relief Fund. It increases the tax rate for individuals, trusts and estates from 3 percent to 5 percent and the tax rate for corporations from 4.8 percent to 8 percent.