EAST ST. LOUIS, Ill. – State Rep. LaToya Greenwood, D-East St. Louis, is aiming to help working families keep more of what they earn by supporting an extension of the state’s current standard income tax exemption.
“If we were to allow the standard income tax exemption to expire, we would effectively raise taxes on families,” said Greenwood. “I encourage the governor to join our bipartisan effort in the House and Senate and sign this extension into law as soon as he receives it.”
Greenwood’s Senate Bill 1437 would keep in place an income tax exemption rate that is set to expire on July 1. Without legislative action, the exemption’s rate would decrease from $2,175 to $2,000. Prior to agreeing to a bipartisan budget, the governor’s proposed budget had counted on savings from the rate expiration to balance his spending plan, effectively raising taxes on residents.
“While I am not sure why the governor was willing to effectively raise taxes on individuals, I am glad that this proposal received bipartisan support,” said Greenwood. “This bill extends the income tax exemption for five years, and I look forward to it helping families who are trying to make ends meet.”