 On Tuesday Gov. Pat Quinn signed legislation that expands the
state's earned-income tax credit.
It's now 5 percent of the federal credit, would climb to 7.5
percent next year and 10 percent the year after.
The new law -- which takes effect June 1 -- increases the
personal exemption by $50, to $2,050. That's the amount of money
exempt from income taxes for each person.
Under the new law, that amount will increase each year at the
rate of inflation.
Quinn signed companion legislation last month granting hundreds
of millions of dollars in tax breaks and incentives aimed at keeping
two big employers -- Sears Holdings Corp. and CME Group Inc. -- in
Illinois.
Advocates for poor and working families applauded the new law.
Kelley Talbot, a policy director for Voices for Illinois
Children, says the extra money means that parents can stretch their
income a bit further, especially when times are tough.
Chicago resident Rhonda Jones, a 43-year-old mother of five, says
she makes $30,000 a year working in a school counselor's office, and
every little bit extra will help. She says $100 means stocking up
the freezer.
[Associated Press]
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