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Illinois House passes $5 billion tax package, spending plan

07:13 EDT 3 Jul 2017 | Yahoo News

Illinois House passes $5 billion tax package, spending planIllinois' Democratic-controlled House of Representatives passed big, permanent increases in income tax rates and a $36 billion fiscal 2018 spending plan on Sunday with the help of some Republican votes as the cash-strapped state scrambled to stave off a bond rating downgrade to junk. The $5 billion tax package, which passed in a 72-45 vote and drew an immediate veto threat from Republican Governor Bruce Rauner, would boost the personal income tax rate to 4.95 percent from 3.75 percent and the corporate rate to 7 percent from 5.25 percent. It would also close tax loopholes and expand tax credits.


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