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Ill. House OKs tax relief for companies threatening to move, families feeling economic pinch
SPRINGFIELD, Ill. (AP) ' The Illinois House has approved tax breaks for businesses, including some big names like Sears and the Chicago Mercantile Exchange that are threatening to leave the state.
That measure would cost the state about $150 million next year and $218 million the year after that.
It also includes broader tax breaks, like a credit for research and development and a more generous method of writing off losses.
The legislation now goes to the Senate. The Senate had already approved a version of entire package.
Earlier, the House also passed tax relief aimed at poor and middle-class families. It increases the earned-income tax credit, which lowers tax bills for poor families. It also would increase the personal exemption available to all taxpayers
The bills are SB397 and SB400.