The Illinois House of Representatives on Monday passed tax breaks for both individuals and corporations.
The legislation comes in light of heavy contention in both the House and Senate during the past several months. It also means Hoffman Estate's Sears Holding, Corp. and CME Group, Inc. will remain in Illinois, keeping several thousand jobs in the area. With the House's approval, the bills will now be sent to the Senate, which will vote on the legislation Tuesday in Springfield.
Lawmakers separated the tax breaks into two separate bills after a combined package failed in the House in November. Those familiar with the legislation told Chicago Tonight that the separation of the two bills would allow for more bipartisan support.
More specifically, by a 67-49 vote, the House approved and sent to the Senate SB 0400, which doubles earned income tax credit available to the working poor. It also increases the standard exemption for all taxpayers, based on inflation.
The second bill, SB 0397, addresses corporate tax relief for CME and Sears. It passed the House 81-28.
Senators Toi Hutchinson (D-Olympia Fields) and Chris Lauzen (R-Aurora) join us on Chicago Tonight at 7:00 pm to discuss the tax breaks.
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