When all state and local taxes are considered, Illinois has the fifth-lowest effective tax rate in the country, at 4.6%, according to a 2011 study by Ernst & Young LLP.
Effective Tax Rate
Effective Midwest Rank
Effective US Rank
Corp. Income Tax Rate
Source: Competitiveness of State and Local Business Taxes on New Investment, Ernst & Young LLC and Council on State Taxation, April 2011
Among neighboring states, only Wisconsin is lower, at 4.5%. Missouri is highest, at 7.1%, followed by Indiana's 6.8% and Iowa's 6.4%.
How can that be? Corporate income taxes are just one piece of the overall tax burden — and not always the biggest. Franchise taxes, property taxes, sales taxes, gross-receipts taxes and levies on machinery and equipment add more to a company's total tax bill.
Illinois is one of only four states that does not charge property tax on equipment and machinery in manufacturing plants. Indiana charges 2.75% on the value of commercial machinery and industrial equipment; Missouri levies 2.6%. Wisconsin taxes commercial equipment at 2.27% but not industrial machinery.
Taxes in Huntley are among the lowest in the Chicago area, and far less than those of Cook County communities, particularly in the area of property and sales taxes:
Illinois Sales Tax locator (Illinois Dept of Revenue): Sales Taxes
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