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Thursday, April 18, 2024

Analysis: Income tax hike will cost Henry County residents $13.9M more this year

Geneseo

Residents of Geneseo, Illinois, will pay an estimated $5M in additional income taxes this year.

Residents of Geneseo, Illinois, will pay an estimated $5M in additional income taxes this year.

Henry County residents will pay an additional $13.91 million in state income taxes this year, according to an analysis by Local Government Information Services (LGIS).

LGIS combined Illinois Department of Revenue data with a forecast by Senate Democrats to estimate how much additional income tax will be paid in each Illinois zip code.

The following Henry County communities will pay the most: Geneseo ($5.38 million total/$991 per person), Kewanee ($2.49 million/$430), Colona ($1.7 million/$537) and Orion ($934,444/$607). 

Retroactive to July 1, the higher rate — now 4.95 percent, up from 3.75 percent — will be withheld from employee paychecks over the last six months of 2017.

Before the hike, someone earning $50,000 paid $72 in state income tax per paycheck. That person will now pay $95, or an additional $600 per year.

Senate Democrats estimate the tax hike will siphon $4.453 billion more this year from individual taxpayers. Businesses will pay another $1 billion.

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How much more will your community pay?

State income taxes have increased to 4.95 percent from 3.75 percent. This chart shows how much more taxpayers in your community will pay for state government.

RankingCommunityZipEstimated State Income Tax Increase
1Geneseo61254$5,380,081
2Kewanee61443$2,493,499
3Colona61241$1,700,466
4Orion61273$934,444
5Cambridge61238$754,404
6Galva61434$733,316
7Atkinson61235$382,597
8Annawan61234$372,508
9Woodhull61490$297,738
10Alpha61413$286,415
11Lynn Center61262$277,859
12Andover61233$134,266
13Osco61274$93,703
14Bishop Hill61419$29,276
15Hooppole61258$24,363
16Ophiem61468$17,577

Total

$13,912,511
Sources: Illinois Department of Revenue; Blockshopper.com

 

Top income tax-paying communities in Henry County

This chart shows the ranking of communities by highest income taxes paid in Henry County.

RankingCommunityZipAverage State Income Tax Increase*Total Returns filed by Zip
1Geneseo61254$9915,428
2Lynn Center61262$783355
3Annawan61234$608613
4Orion61273$6071,539
5Atkinson61235$602636
6Woodhull61490$592503
7Osco61274$589159
8Alpha61413$568504
9Andover61233$550244
10Cambridge61238$5491,375
11Colona61241$5373,165
12Galva61434$4931,486
13Ophiem61468$45139
14Kewanee61443$4305,802
15Bishop Hill61419$42469
16Hooppole61258$41359
Sources: Illinois Department of Revenue; Blockshopper.com; Illinois Senate Democrats

*Assumes tax increase will meet Senate Democrats' projections.

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