SPRINGFIELD - Lawmakers are "seriously" looking at boosting Illinois' personal income tax by 67 percent, a key Senate budget negotiator said Friday. | Panel probes youth suicides | Off-track betting on the Internet?

Under a plan emerging from talks aimed at filling the state's gaping budget hole, the state income tax rate would rise to 5 percent, up from its current 3 percent rate.

Tax credits would be offered to lower income residents as a way to soften the blow of the higher taxes, said state Sen. Donne Trotter, a Chicago Democrat who oversees budget negotiations for Democrats in the Senate.

"That elephant, as they say, is in the room right now," Trotter told reporters Friday.

The last time lawmakers tinkered with the state's income tax rate was in 1993, when they agreed to make a temporary increase permanent.

Gov. Pat Quinn and legislative leaders have been hinting that tax increases are under consideration as a way to pull Illinois government out of a $9 billion hole.

Quinn is scheduled to deliver his budget proposal March 18. Lawmakers are working toward a May 31 deadline to finalize details of a spending plan that would go into effect July 1.

Trotter said budget problems have been looming for more than a year, but the sharp downturn in the global economy has taken a major toll on state revenues.

"We are in a worse state than any of our expectations could have taken us," Trotter said. "The resources and revenue streams that we have now are just inadequate to get us out of this hole we're in."

A 67 percent increase in the income tax rate would bring in an estimated $7 billion to help close the gap, meaning additional belt-tightening might have to accompany any increase.

Although tax hikes are unpopular, cutting spending is difficult for lawmakers too.

A Senate committee launched hearings this week aimed at finding ways to pare down the state budget. But, few at a hearing Wednesday talked about reducing spending.