econ_progress
Gov Quinn with Sean Noble, NCTC
The increase to Earned Income Credit and Personal Exemption to help working families and stimulate local economies. This legislation, Senate Bill 400, doubles the state's Earned Income Tax Credit (EITC) over two years, saving low-income workers an extra $105 million per year. The new law also benefits all Illinois taxpayers by improving the value of the personal exemption and indexing it to inflation. This Bill provides the largest increase in Illinois' EITC since its inception in 2000, bu phasing in a 5 percent increase over two years. The bill boosts the state's EITC from its current level at 5 percent of federal EITC, to 7.5 percent in tax year 2012 and 10 percent of federal EITC in tax year 2013. More than 2.5 million state residents benefited from the Illinois EITC in 2010. The Bill was co-sponsored by Sen. Toi Hutchinson and House Majority Leader Barbara Flynn Currie who both attended the signing.
Gov Quinn with Sean Noble, NCTC
The increase to Earned Income Credit and Personal Exemption to help working families and stimulate local economies. This legislation, Senate Bill 400, doubles the state's Earned Income Tax Credit (EITC) over two years, saving low-income workers an extra $105 million per year. The new law also benefits all Illinois taxpayers by improving the value of the personal exemption and indexing it to inflation. This Bill provides the largest increase in Illinois' EITC since its inception in 2000, bu phasing in a 5 percent increase over two years. The bill boosts the state's EITC from its current level at 5 percent of federal EITC, to 7.5 percent in tax year 2012 and 10 percent of federal EITC in tax year 2013. More than 2.5 million state residents benefited from the Illinois EITC in 2010. The Bill was co-sponsored by Sen. Toi Hutchinson and House Majority Leader Barbara Flynn Currie who both attended the signing.