After hiking taxes, Ill. now considers easing them
SPRINGFIELD, Ill. (AP) -- Illinois is talking about tax relief, less than a year after a major tax increase.
Lawmakers are considering a $250 million package of tax breaks for prominent companies threatening to leave the state, including Sears and the Chicago Mercantile Exchange. Other businesses and individual taxpayers would get a little relief, too.
Illinois raised income taxes in January to help fill a huge budget deficit. Individual rates went up two-thirds and corporate rates by nearly half. Since then, businesses have complained and other states have tried to lure them away.
Doug Whitley of the Illinois Chamber of Commerce says officials are trying to reassure businesses that the state is listening.
But some officials worry they're opening the door for more companies to threaten to leave if they don't get tax breaks.
(Copyright 2011 by The Associated Press. All Rights Reserved.)