Text Size
Login
config
  • vtem news box
  • vtem news box
  • vtem news box
  • vtem news box
  • vtem news box
  • vtem news box
  • vtem news box
  • vtem news box

Tax Relief for Illinois Families Signed by Governor

Hutchinson-199-011012-75x75Measure increases standard exemption, Earned Income Tax Credit

CHICAGO, IL- Governor Quinn signed legislation today that will provide direct tax relief for working Illinoisans with an increase in the standard exemption as well as an increase in the Earned Income Tax Credit (EITC).  Senate Bill 400, sponsored by State Senator Toi Hutchinson (D-Chicago Heights), is the second of two major economic development bills passed by the General Assembly in mid-December. 

“The tax relief contained in Senate Bill 400 will benefit every taxpayer in Illinois,” Hutchinson said.  “All tax filers will see an increase in their personal exemption allotment.  Working middle class families who claim the EITC, which was claimed by nearly 20% of Kankakee households in 2009, will see a dramatic increase in their available credit.”

The standard exemption is increased in Senate Bill 400 from the current $2,000 to $2,050 while also tying future increases to the Consumer Price Index (CPI).  Yearly increases in the standard exemption will ensure the credit remains valuable to families by keeping up with the increase in the cost of goods and services.  In addition, the Earned Income Tax Credit (EITC) is raised from 5% to 7.5% in 2012 and again to 10% in 2013.  Currently, Illinois is tied for the nation’s second-smallest EITC state credit, which is claimed by over 900,000 Illinois families. 

“Some may say the tax relief contained in this legislation is not large enough to be beneficial to working Illinoisans,” Hutchinson continued.  “I look at this legislation as the first opportunity to raise the EITC since its inception in 2000 as well as the first step in providing some progressivity to our income tax code by tying the personal exemption to inflation.  This legislation is the best possible tax relief package we can offer right now, and I am proud to see it signed today by Governor Quinn.”  

Senate Bill 400 is a companion bill to Senate Bill 397, which contained many business incentives and small business tax relief measures and was also recently signed by Governor Quinn.  

{phocadownload view=fileplaylink|id=415|text=Hutchinson - EITC signing audio - 01-10-12|playerwidth=328|playerheight=200|playerheightmp3=30}

Keep MAP Funding - Sign the petition!

News Releases

IMAGE Work on Chicago Veterans Home to resume
Friday, 01 July 2016
SPRINGFIELD – A five-story, 200 bed veterans home on Chicago’s northwest side has stood vacant and half completed since June of last...

Read More...
IMAGE Hastings applauds court decision to add PTSD for medical marijuana
Wednesday, 29 June 2016
SPRINGFIELD – Senator Michael Hastings (D-Tinley Park) responded to a court decision on Tuesday that will require the State of Illinois to add...

Read More...
IMAGE Voting yes for Illinois' future
Wednesday, 29 June 2016
Children who come to school with the least deserve our help the most. Senate President John Cullerton todaywill put up for a vote Senate Bill 2054, a...

Read More...
IMAGE Kankakee area schools would see increased state funding under Senate plan
Tuesday, 28 June 2016
SPRINGFIELD – Kankakee-area schools would see more than $5.5 million more in state funding next year under a plan being considered tomorrow in...

Read More...
IMAGE Martinez pushes to get immigration services funded
Tuesday, 28 June 2016
CHICAGO — In an effort to ensure immigrants get the services they need, Majority Caucus Whip Iris Y. Martinez (D-Chicago) is headed to...

Read More...

TWITTER HASHTAGS

We'll be live tweeting from Committees. Use these hashtags to follow along:

#SenAg - Agriculture
#SenAppr1 - Appropriations I
#SenAppr2 - Appropriations II
#SenAppts - Executive Appointments
#SenCom - Commerce and Econ. Development
#SenCrim - Criminal Law
#SenEd - Education
#SenEnrg - Energy and Public Utilities
#SenEnv - Environment and Conservation
#SenExec - Executive
#SenFinan - Financial Institutions
#SenHiEd - Higher Education
#SenHServ - Human Services
#SenIns - Insurance
#SenJud - Judiciary
#SenLabor - Labor
#SenLicense - Lic. Activities and Pensions
#SenLoGov - Local Government
#SenPHealth - Public Health
#SenRev - Revenue
#SenStGov - State Govt and Veterans Affairs
#SenTran - Transportation

ILSenDems on Facebook

ILSenDems on SoundCloud

The Great Pension Debate
subscribe 1
TaxButton