Springfield, IL – It did not take long for the Illinois Senate to pass a tax break package that was approved by the House on Monday.
The Senate finished its work on the $330 million package by mid-afternoon and sent it to Governor Pat Quinn for his signature.
Quinn is congratulating lawmakers for acting so quickly this week. He said this shows what lawmakers can accomplish when both parties work together.
"The final package, I think, is a balanced approach to help our employers in Illinois. We understand to have a research and development tax credit on the books in Illinois, not just for one year but now it's for five years. So we got that established," Quinn said.
"We got relief with respect to helping smaller businesses. We've extended some of the tax credits that are on the books, and we also were focused on creating jobs and maintaining jobs. We were also were able to help major employers in Illinois."
The measures are designed to keep key companies in the state and decrease the tax burden on low-income workers.
One component of the plan benefits Sears and the Chicago Mercantile Exchange the
most. Both had threatened to leave Illinois.
The other measure increases tax credits for the working poor and raises the personal income-tax exemption.
Thanks to Illinois Public Radio and the Associated Press