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Illinois House OKs Tax Relief for Businesses, Families

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SPRINGFIELD, Ill. (AP) — The Illinois House has approved tax breaks for businesses, including some big names that are threatening to leave the state.

The tax package includes aid for Sears and financial exchanges such as the Chicago Mercantile Exchange.

It also includes broader tax breaks, like a credit for research and development and a more generous method of writing off losses.

The legislation passed 81-28 Monday and now goes to the Senate.

Earlier, the House also passed tax relief aimed at poor and middle-class families.

The bills are SB397 and SB400.

(© Copyright 2011 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

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