CHICAGO -- Gov. Jim Edgar of Illinois has vowed to veto legislation passed by the state's House of Representatives last Wednesday that would extend the state's income tax surcharge for another two years, with its revenues continuing to be split between local governments and schools.

Gov. Edgar said the House bill would jeopardize the state's credit rating because $100 million of surcharge money would not be available to bolster the state's general funds balance at the end of fiscal 1992, according to his spokesman, Mike Lawrence.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.