Illinois lawmakers approved a 66% increase in the state’s income tax in the final hours of the Legislature’s session.
Lawmakers raised the state income tax to 5% from 3% in a bid to close the state’s deficit, which could be as large as $15 billion, The New York Times said.
It’s the first such tax increase in the state for two decades.
The debate on the bill carried late into the night, with the…
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Lawmakers Approve Illinois Tax Hike originally appeared on DailyFinance on Wed, 12 Jan 2011 07:30:00.