Support HB174 for a Fair State Budget

July 10, 2009

HB174 provides a blueprint for a fair, equitable, and permanent solution to the budget crisis and would restore responsibility to government. The bill was endorsed by the governor, passed by the Senate, and approved by a committee of the House.

The budget deficit in Illinois is too large to be closed by cuts alone new revenue is needed. A tax increase is necessary to avoid deep cuts to vital social services, solve the structural deficit within the state's budget, and position the state for long-term stability.

HB 174 generates $5 billion in new revenue by:

• Increasing the personal income tax to 5%
• Increasing the corporate income tax from 4.8% to 5%
• Expanding the sales tax base

HB 174 makes the state tax structure more equitable by:

• Tripling the state's Earned Income Tax Credit
• Doubling the Property Tax Credit
• Doubling the cap on the Education Expense Credit

Without new state revenue, social service agencies have already had their budgets slashed and have laid off workers. People are losing their jobs, and thousands of Illinois residents in need of assistance are being turned away.

Ask your legislators to support HB174



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