Illinois DOR Updates 2025 Income Tax Forms, Introduces New Credits

The Illinois Department of Revenue (DOR) issued Informational Bulletin FY 2026-15, summarizing changes for 2025 Illinois income tax forms and schedules for individuals and businesses, 2026 withholding income tax forms and schedules, and information for tax preparers and software developers. The updates include: 1) changes to Form IL-1040 and schedules like the personal exemption amount increase to $2,850, new lines for reporting certain retirement income, and an additional medical debt relief subtraction; 2) revisions to several business income tax schedules related to apportionment, depreciation, and credits; 3) the creation of new income tax credits like the REV Illinois and MICRO ...