STATE BUDGET ALERT

 

SUBJECT: STATE BUDGET ALERT

 

The General Assembly acted in the last 24 hours to generate additional revenues towards solving the state deficit, while putting in place restrictions in state spending growth. 

 

The General Assembly passed the state income tax increase, effective January 1, 2011.  The personal income tax rate increases from 3% to 5% for four years, then decreases to 3.75% after 4 years.  An Illinois resident who owes $1000 in sta...