SPRINGFIELD, Ill. — Gov. Pat Quinn signed legislation Thursday that temporarily raises Illinois income taxes by two-thirds, risking a political backlash against Democrats but gaining money to help drag state government out of the deepest budget hole in its history.
The law raises the personal tax rate to 5 percent, up from 3 percent. That means someone who previously owed the state $1,000 in taxes will now pay $1,666. The tax rate is supposed to drop to 3.75 percent after four years, so that same taxpayer would then owe $1,250.