Score one for working families struggling to make ends meet.
Gov. Pat Quinn on Tuesday signed legislation to double the state's earned-income tax credit over two years, saving an extra $105 million per year for low-income workers by phasing in a 5 percent increase over two years.
That means a single mother with a child earning $12,800 a year will save $154 on her taxes this year, Quinn said. A married couple with three kids earning $30,000 a year will save $199.
“One of the best ways to stimulate the local economy is to put more money in the pockets of working families,” Quinn said. “This law is a win for workers, a win for families and a win for employers that will support job growth across Illinois for years to come.”
The new law benefits all taxpayers, Quinn said, by improving the value of the personal exemption and indexing it to inflation. The bill provides the largest increase in Illinois’ earned-income tax credit since its inception in 2000, he said.
Even Mayor Rahm Emanuel congratulated Quinn on the move.
"The Earned Income Tax Credit helps working families throughout the City of Chicago as they raise their children and seek opportunities for the future," Emanuel said in a statement.