Ronnie Carrasquillo was convicted of killing Officer Terrence Loftus in 1976.
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He was originally sentenced to between 200 and 600 years in prison.
Carrasquillo claimed the shooting was an accident, and an Illinois appeals court recently ordered a re-sentencing.
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A Cook County judge then re-sentenced him to time served, which is 46 years in prison.
He had been held in Stateville in south suburban Crest Hill.