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Illinois law doubles personal tax exemption and cuts corporate taxes
Gov. Jim Edgar signed landmark election year legislation moving the personal exemption from 1000 to 2000 over three years, with 1999 at 1300 and 2000 at 1650, totaling 321 million in yearly relief for individuals and 63 million for corporations. The new single sales factor aims to boost Illinois business and jobs by shifting from triple-factor to sales-only calculation, affecting over 14,500 corporations and aligning with neighboring states.
MENTIONED IN THIS ARTICLE
Edgar
State House
Springfield
Jim Edgar
Illinois
Taxpayers’ Federation of
Iinois
Illinois Chamber ‘of Commerce
The
General Assembly
TFI
Tim Bramlet
Chamber
Dennis Whetstone
Bramlet
Ilinois
Tinois
Mulas
Whetstone
Iowa
Missouri