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Income Tax Increase Sent to Governor
(IRN)-Illinois income taxes are a signature away from going up. The General Assembly, in its final hours before a new group is sworn in at noon today, approved, with the minimum number of Yes votes required, increases of two percentage points in the personal income tax (which goes from 3 to 5 percent) and the corporate income tax (which goes from 4.8 to 7 percent).

Opponents say the business tax increase is a clear victory for states such as Indiana and Missouri, but the Senate sponsor, President John Cullerton, says those naysayers simply don't have their facts straight.

The income tax increases are intended to be temporary: four years. Whether they last longer will be the decision of future lawmakers.

The plan was to include some borrowing and a cigarette tax increase, but those components failed in the House. Today's another day, though, and Cullerton and Governor Pat Quinn both said they are not done yet.

SB 2505 has passed the House, 60-57, and the Senate, 30-29, and goes to the governor.

(Source: Illinois Radio Network)
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