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Quinn to Sign Earned-income Tax Credit

By Todd Hatton

Murray, KY – Illinois Governor Pat Quinn is expected to sign legislation today aimed at helping poor families keep more of what they earn. Under the bill, the state's earned-income tax credit, which is now 5 percent of the federal credit, would climb to 7.5 percent next year and 10 percent the year after. The new law would increase the personal exemption by to $2,050 and go up each year with the rate of inflation. Quinn also has signed companion legislation granting hundreds of millions of dollars in tax breaks and incentives aimed at keeping two big employers, Sears Holdings Corporation and CME Group, in Illinois.