Quinn signs major Illinois tax increase into law - KMOV.com

Quinn signs major Illinois tax increase into law

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**CORRECTS LOCATION TO SPRINGFIELD, NOT CHICAGO** Illinois Gov. Pat Quinn delivers his inaugural address after taking the oath of office during inaugural ceremonies Monday, Jan. 10, 2011 in Springfield.  (AP Photo/Seth Perlman) By Seth Perlman **CORRECTS LOCATION TO SPRINGFIELD, NOT CHICAGO** Illinois Gov. Pat Quinn delivers his inaugural address after taking the oath of office during inaugural ceremonies Monday, Jan. 10, 2011 in Springfield. (AP Photo/Seth Perlman) By Seth Perlman

SPRINGFIELD, Ill. (AP) -- Gov. Pat Quinn has signed legislation that temporarily increases the Illinois income tax rate by two-thirds.

The move is meant to help close a $15 billion budget deficit that threatens to cripple state government.

The increase means individuals will now pay 5 percent instead of 3 percent. 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.

(Copyright 2011 by The Associated Press. All Rights Reserved.)

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