Illinois maintains personal exemption allowance at $2,425 for 2023

David Harris Director the Illinois Department of Revenue | Official Website

By Prairie State Wire

Jul 5, 2023

The Illinois Department of Revenue has announced that the personal exemption allowance for individual income tax will remain at $2,425 for 2023. This decision was confirmed by Public Act 103-0009, effective June 7, 2023. The individual income tax rate in Illinois continues to be 4.95 percent.

To assist taxpayers with this change, a new formula for calculating catch-up withholding for the remainder of the year has been created. This formula is included in the updated version of the 2023 Booklet IL-700-T, which contains the Illinois Withholding Tax Tables.

Resources related to these updates are available for public access.

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Illinois Department of Revenue

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