Illinois General Assembly to Consider Tax Cut Bill

By WEEK Reporter

November 7, 2011 Updated Nov 8, 2011 at 11:02 AM CDT

SPRINGFIELD, Ill -- Members of the Illinois General Assembly will get a look at a new tax-cut bill Tuesday. It's designed to help both businesses and residents.

According to "Crain's Chicago Business", the mercantile exchanges CME and CBOE would get a 50 percent reduction in their state income tax liability. That would be worth a combined $100 million annually.

Sears would get the extended tax breaks to keep its headquarters in Illinois.

Smaller businesses would get breaks: a reduction in corporate filing fees and a boost in the estate tax deduction to $5 million.

Low-income working families would get an expansion of the Earned Income Tax Credit to 15 percent over two years.

Also, the personal exemption on the individual income tax would be automatically indexed to inflation.

House and Senate members will meet with party leaders Tuesday to gauge support for the tax bill.

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