CHICAGO, March 26 (Reuters) - Illinois Governor Pat Quinn plans to ask state lawmakers later on Wednesday to make a temporary income tax rate increase permanent, the Chicago Tribune reported.
Citing sources familiar with the fiscal 2015 budget that the Democratic governor will propose to the legislature, the newspaper said the move would be coupled with property tax relief for homeowners.
Quinn, who is facing a tough re-election campaign against wealthy Republican venture capitalist Bruce Rauner, signed the 67 percent personal income tax hike into law in 2011. Under the law, the rate is scheduled to drop from 5 percent to 3.75 percent on Jan. 1, which is halfway through the state’s fiscal year.
Quinn is expected to tell lawmakers that allowing the tax rate rollback would make state programs unsustainable, the Tribune reported.
Officials for the governor did not immediately respond to a request for comment on the report. (Reporting By Karen Pierog; Editing by Jeffrey Benkoe)