COLLINSVILLE, Ill. – To prevent working families from seeing their income tax bills increase, state Rep. Katie Stuart, D-Edwardsville, is supporting legislation that would extend the standard income tax exemption that is set to partially expire at the end of the year.
“If we do not extend the current standard exemption that over 11 million working people depend on, Illinois would have one of the lowest standard tax exemptions in the nation and middle class families would see their tax bills rise,” said Stuart. “By relying on the expiration of this exemption to balance his budget proposal, Gov. Rauner is once again putting the state at risk of another irresponsible budget crisis.”
Rauner’s budget proposal assumes the expiration of the standard income tax exemption in his revenue estimates, resulting in a tax increase for working men and women to fund the state budget. Senate Bill 1437 would extend the current value of the tax exemption that families 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.
“Passing this measure to extend this exemption would protect working men and women from an income tax increase,” continued Stuart. “I voted against the income tax increase last year because it would hurt working families in the state, and I will continue to fight for a balanced budget that does not depend on burdening middle class families with higher taxes.”