A Senate bill that would increase income tax rates throughout Illinois will not be voted on until the fall, says one of the bill's sponsors, Sen. John Cullerton (D-Chicago). Senate Bill 2288 would address the state's debt and provide much-needed revenue for schools and capital improvements by raising the individual income tax rate from 3 percent to 5 percent, and the corporate rate from 4.8 percent to 8 percent. The bill also includes a tax credit for low-income families.
According to Crain's, the postponement of the bill could be due to Gov. Blagojevich's repeated threats to veto any income tax hike:
Overriding a veto would require a supermajority of 60% of both the House and Senate, and it might be easier to line up such backing immediately after the election, when some lawmakers might be more willing to take a politically unpopular action.
Cullerton's decision to postpone bringing SB 2288 up for vote comes on the heels of the defeat in the House of a constitutional amendment to double the income tax for those making more than $250,000.
To show your support for SB 2288 or to the learn more about how the bill would improve education funding in the state, visit A+ Illinois.
Post new comment