Under a proposal (House Bill 689), the top tax rate on small businesses would rise to 11.25%. If enacted (a state constitutional amendment is necessary to permit graduated tax rates), it would make Illinois the second highest tax state (after California) for small businesses.
Barbara Weltman
Big Ideas for Small Business, Inc.
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BOI reporting cont'd. But this isn’t the end of the story. The government filed a notice of appeal with the appellate court, and FinCEN says “deadline stay—voluntary submission only” (https://bit.ly/3ZpKxwU Note: There are cases challenging CTA that are still pending.