VILLA PARK, Ill. – To help middle class families save more on their taxes, state Rep. Deb Conroy, D-Villa Park, is sponsoring legislation extending the standard income tax exemption for working families that is set to expire at the end of this fiscal year.
“Middle class families have been paying more than their fair share for years and we cannot allow that to continue,” said Conroy. “Instead of cutting unnecessary spending, increasing government efficiencies or raising taxes on billionaires, Governor Rauner has shown that he is willing to let tax exemptions for working class families expire to fund his budget proposal.”
Rauner’s budget proposal assumes the expiration of the standard income tax exemption in his revenue estimates, resulting in higher taxes for working families. Senate Bill 1437 would extend the current tax exemption that taxpayers receive, allowing Illinois residents to continue to save money each year. Without an extension, the standard income tax deduction would fall from $2,175 to $2,000.
”Working families depend on these exemptions to put a little extra money in their pockets each year, money that goes back in to the local economy,” Conroy added. “This is an important savings that we need to keep in place for middle-class families, not use as a political tool.”