Earned Income Tax Credit – Illinois

Quinn signs earned-income tax credit, By Sophia Tareen (AP), January 10, 2012, Springfield State Journal-Register: “Legislation aimed at helping poor Illinois families keep more of what they earn was signed into law Tuesday, a month after Gov. Pat Quinn signed companion legislation granting tax breaks and incentives aimed at keeping two big employers in the state. The new law, which is effective for the 2012 tax year, expands the state’s earned-income tax credit. It’s now 5 percent of the federal credit and will climb to 7.5 percent next year and 10 percent the year after. State officials said it would eventually translate to an average of about $100 a year per family. Currently about 900,000 families meet income guidelines in Illinois, but some advocates estimated 1 million will qualify this year…”