(Note: there is much speculation about how long this tax cut will last, as the new governor has been vague about short-term tax policy; do not necessarily count on this cut lasting throughout 2015.)

The same 2011 law that hiked state income tax rates by 67 percent kicked into its built-in second phase Thursday with a partial rollback.  Beginning January 1, the tax rate for individuals dropped from 5 percent to 3.75 percent, while for corporations it declined from 7 percent to 5.25 percent.

via Illinois income tax rate falls by 25 percent Jan. 1 – Chicago Tribune.