Illinois, whose nickname is Prairie State, first obtained its statehood in 1818. With a population of 12,882,135 people, Illinois is the fifth most populated state in the United States.
If you are considering starting your new business in Illinois, you might want to look into one of Illinois' top three most populous cities - Chicago, Aurora or Rockford and also in the state's capital of Springfield.
The largest industry in the state of Illinois is insurance carriers and related activities.
In the United States, the more than 600,000 plus franchised small busineeses account for 40% of all retail sales and provide jobs for some 8 million people. According to the Small Business Administration (SBA), their standard definition of what constitutes as a small business includes a maximum of 500 employees or operations with and/or up to $7 million in revenue, depending on the industry.
Listed below are the state and local taxes, for the state of Illinois, and how they rank against other states in the U.S.
|State Tax Rate||Avg. Local Tax Rate||Combined Rate||Combined Rank*||Max Local Tax Rate|
|*Combined Rank is rank from highest to lowest tax percentage|
California has the highest state tax rate in the United States at 7.25%, but Lousinana has the highest combined tax rate, overall, at 9.98%. Delaware, Montana, New Hampshire and Oregon share the spot for lowest combined tax rates at 0%.
If you need additional information about how to start a business in Illinois, their official state page might be a good place to start. If you are looking to own your own established franchise in Illinois, we have collected a comprehensive list of companies that are actively looking to expand in Illinois, for you to explore.
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