Mayor Richard M. Daley of Chicago has renewed his support for a state income tax increase after an eleventh-hour agreement last week allowed the cash-strapped Chicago Public School system to balance its $2.6 billion fiscal 1993 budget.

Noelle Gaffney, the mayor's spokeswoman, said his aides are working on the logistics of a plan that would couple an income tax increase with a state property tax decrease. A timetable for the plan's completion has not been set, she said.

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