Illinois Likely to Boost Taxes, Budget Director Says
This article is for subscribers only.
Illinois, which is in its worst financial position ever, will raise the income-tax rate in January to address its deficit, Governor Pat Quinn’s budget director said.
Lawmakers probably will increase the individual and corporate income-tax rates by 2 percentage points, generating $6 billion of new revenue, the budget director, David Vaught, said in an interview. The Legislature failed to address the deficit this year because of the November election, he said.