A package of tax law changes designed to keep thousands of jobs in Illinois and provide relief for low-income workers was passed by the Senate December 13 with the support of Senator Bill Brady.

“In addition to providing tax relief for low-income workers, small businesses and family farm owners, this legislation will pay for itself by keeping jobs here in Illinois and encouraging greater economic investment and even more job growth,” said Senator Brady, who co-sponsored the two-bill package.

Senate Bill 397 includes a series of business tax changes, including an apportionment change that helps the Chicago-based Chicago Mercantile Exchange and the Chicago Board of Trade; a tax credit and other provisions to assist Illinois-based retailer Sears; a five-year extension of a research and development tax credit to encourage research investment in Illinois; a cut in estate taxes designed to help farms and small businesses; and a tax credit for a car filter manufacturer in downstate Albion.

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