July 3, 2017 / 12:42 AM / 22 days ago

Illinois House passes $5 billion tax package

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CHICAGO, July 2 (Reuters) - Illinois' Democratic-controlled House passed big, permanent income-tax rate increases on Sunday with the help of some Republican votes as the cash-strapped state scrambled to piece together a budget and revenue plan to stave off a bond rating downgrade to junk.

The $5 billion tax package, which passed in a 72-45 vote, would boost the personal income tax rate to 4.95 percent from 3.75 percent and the corporate rate to 7 percent from 5.25 percent. It would also close tax loopholes and expand tax credits. It now heads to the Democratic-led Senate for concurrence. (Reporting by Karen Pierog; Editing by Peter Cooney)

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