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Illinois Senate OKs inflation indexing for income tax
The Illinois Senate approved a bill to index personal income tax exemptions to the Consumer Price Index, raising the $1,000 exemption as inflation rises. Supporters say it helps taxpayers, while opponents warn it would cost the state about 39.6 million dollars in 1982 and over 80 million the following year, risking a large revenue shortfall. Senator Buzbee criticized the move as insufficient for taxpayers. Senate vote was 33-15 with mixed views from leaders on the bill.
MENTIONED IN THIS ARTICLE
Mike Br
Spematin Ifaciion
Senate
Kenneth V. Buzbee
Carbondale
Buzbee
Senate Appropriations Committee
Illinois
Gene Johns
Marion
Aing
Seine
Johns
Donald L. Totten
Hoffman Estates
Totten
Philip J. Rock
Oak Park
Mark Q. Rhoads
Western Springs
Dawn Clark Netsch
Chicago
Senate Revenue Committee
Prescott E. Bloom
Apeoria
Bloom