Illinois updated its withholding formula July 5 after a tax bill signed June 7 by Gov. J.B. Pritzker (D) reduced the value of a state allowance to its 2022 level.
Public Act 103-0009 set the value of a state allowance at $2,425, instead of the 2023 value of $2,625, the state revenue department said in a notice. The provision related to the allowance value took effect on the bill’s signing, and the bill continues to provide for the allowance value to be adjusted each year.
An additional formula was added to Illinois’s withholding methods to correct withholding for existing ...
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