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House Kills Business Tax Plan

Only eight members of the state's House of Representatives voted to give tax breaks to Sears and the Chicago Mercantile Exchange. The Illinois Senate earlier today passed the plan, which would have handed a 100-million dollar tax break to the two companies. Both Sears and CME have threatened to leave the state if they don't get the breaks. The plan would've also ramped up the earned income tax credit for individuals from five-percent to seven-and-a-half-percent for 2012 and ten-percent for 2013. The failure doesn't mean the end of the deal. There's another version of the plan floating around the state House. The other version of the plan holds the earned income tax flat at seven-point-five-percent. The question comes down to which chamber is willing to compromise.

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