Mid-year rate impacts next year's taxes

ILLINOIS (WCIA) -- Millions of taxpayers will pay an in-between rate when filing their income taxes.

It's because, in July, lawmakers raised the rate to 4.95%.

Since that new rate took effect halfway through the year, the Department of Insurance reminds you to use a blended rate of 4.35% when filing tax returns.

State officials say it will make it easier for everyone if you take the increase into account.


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