Tax Breaks Coming Today In Illinois

CHICAGO (AP) -Gov. Pat Quinn is expected to sign legislation aimed at helping poor families keep more of what they
earn.

Under the bill, the state’s earned-income tax credit, which is now 5 percent of the federal credit, would climb to 7.5 percent next year and 10 percent the year after. A bill signing is planned for today in Chicago.

The new law would increase the personal exemption by $50 to $2,050. That’s the amount of money exempt from income taxes for each person. The law would also increase each year by the rate of inflation.