Lawmakers return to Capitol to vote on $5 billion in tax hikes; session start pushed back to 2:30

https://www.ilnews.org/news/state_politics/lawmakers-return-to-capitol-to-vote-on-billion-in-tax/article_8a223c84-5f22-11e7-8c2c-0fe7e9a6269b.html

SPRINGFIELD, IL – (Greg Bishop and Dan McCaleb, Illinois News Network.  Please click on the link above for the full story.  Here is an excerpt below.)

Members of the Illinois House return to special session this afternoon to vote on a tax hike package that includes increases to the state’s income and corporate tax rates. What’s unclear is whether reform measures that Republicans, including Gov. Bruce Rauner, have pushed for will get a vote.

Speaker Michael Madigan announced the tax incease vote late Saturday after Republicans accused him of stalling budget negotiations. Today’s session was scheduled to start at 2 p.m. but has been pushed back to 2:30.

At stake for taxpayers is a 32 percent income tax hike that would move the rate from 3.75 percent to 4.95 percent effective July 1. If the increase is approved by a three-fifths majority of lawmakers and signed by Rauner, a family with household income of $60,000 a year would owe the state about an additional $720 each year. Their rates would increase from about $2,250 annually to about $2,970, depending on how many exemptions they claim. The corporate tax rate would increase from 5.25 percent to 7 percent, a 33 percent hike.