Ill. lawmakers consider smaller tax-break package

SPRINGFIELD, Ill. (AP) - Lawmakers are getting their first look at a new package of possible tax breaks for Illinois businesses.

It would cost state government about $250 million a year. That's down from $850 million in an earlier proposal.

The House Revenue Committee is scheduled to consider the package this afternoon.

It would include $85 million in relief for Chicago-based financial exchanges that are threatening to leave the state. They say Illinois unfairly taxes them on every single transaction, even ones that do not involve any buyers or sellers located in Illinois.

The package also includes $15 million in tax credits for Sears.

Smaller businesses could benefit from changes in estate taxes and credits for research costs. Families get larger tax exemptions and expansion of a tax credit for the poor.

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