Gov. Pat Quinn told Illinois lawmakers on Wednesday that he wanted to target tax breaks for homeowners.
The governor made the comments in his annual budget address, during which he urged lawmakers to make a tax increase adopted in 2011 permanent. The increase had boosted the personal income tax from 3.75 percent to five percent.
According to his address, Quinn seeks to provide every homeowner in the state with the $500 refund annually. He said the state’s fiscal status has improved enough that the tax break would be possible.
According to the Chicago Tribune, Quinn said: “We can stabilize the budget for the long-term, in a way that provides targeted tax relief where it’s needed most: to homeowners and working families raising kids.”
Quinn is scheduled to appear at a reception at the Executive Mansion for the Third Annual Housing Leaders Conference in Springfield on Monday, March 31. The event is being held by the Illinois Association of REALTORS®.