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Ill. Senate OKs Tax Breaks for Business, Families

By Todd Hatton

Murray, KY – Illinois lawmakers have approved a $330 million package of tax relief to businesses and individuals. The state Senate approved the business measure 44-9 yesterday. The individual tax relief passed 48-4. Both now go to Democratic Gov. Pat Quinn, a supporter. Sears and the Chicago Mercantile Exchange see the most benefit.The companies had threatened to leave Illinois without financial help from the state. The legislation offers $100 million in tax relief to them and the Chicago Board Options Exchange. The other measure increases tax credits for the working poor and raises the personal income-tax exemption.