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Quinn signs Ill. income tax increase into law

quinnpodium500Greenblatt.jpg
Illinois Governor Pat Quinn gives his remarks after taking the oath of office during inaguration ceremonies on January 10, 2011. Today, Quinn signed legislation that temporarily increases the Illinois income tax rate by two-thirds.(UPI/Bill Greenblatt)

In an expected move after yesterday's press conference on the subject, Ill. Gov. Pat Quinn has signed legislation into law that temporarily increases the Illinois income tax rate by two-thirds.

Quinn said yesterday that the legislation is meant to help close a $15 billion budget deficit that threatens to cripple state government.

But what does the legislation mean for Illinois citizens?

Individuals will now pay 5 percent instead of 3 percent and the corporate rate jumps from 4.8 percent to 7 percent.

The full increase is supposed to last just four years. After that, the rates will fall, but not all the way back to their original level.

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