No action on the budget on Monday, but a House Committee did approve a proposed income tax increase. The plan from the Illinois Senate would raise the Illinois income tax to 4.95 percent, retroactive to January 1st. Corporate income taxes would also go up and some services would be taxed. House Sponsor State Representative Will Davis shot back at critics questioning the need for the hike.
The package also includes an increase in the earned income tax credit for low income Illinoisans and closes some corporate loopholes. It is estimated it would raise more than 5 billion dollars in the first year.