From AP - News Headlines -

Illinois House Passes Tax Package for Businesses

The Illinois House has approved tax breaks for businesses, including some big names like Sears and the Chicago Mercantile Exchange that are threatening to leave the state.

That measure would cost the state about $150 million next year and $218 million the year after that. It also includes broader tax breaks, like a credit for research and development and a more generous method of writing off losses.

The legislation now goes to the Senate. The Senate had already approved a version of the entire package. Earlier, the House also passed tax relief aimed at poor and middle-class families. It increases the earned-income tax credit, which lowers tax bills for poor families. It also would increase the personal exemption available to all taxpayers.

Among East Central Illinois lawmakers, Democrat Naomi Jakobsson of Urbana voted for both bills, while Republican Jason Barickman of Champaign voted against both.

Republicans Dan Brady of Bloomington, Adam Brown of Decatur, Chad Hays of Catlin, Bill Mitchell of Forsyth and Chapin Rose of Mahomet voted for the bill (SB397) with the business tax breaks. But they voted against the bill (SB400) with tax breaks for families and individuals.

(With additional reporting from Illinois Public Media)

Categories: Economics, Government, Politics