I don’t know about you, but I am ready to stuff myself silly for Thanksgiving. I come from a huge family and Thanksgiving was always the one holiday my grandmother insisted was for her. Attendance is mandatory and we usually have two or three birds, a ham, a dozen pies, and innumerable side dishes.
This year, in between bites of coconut cream pie, I’ll be talking about the Illinois General Assembly. At the Chamber we are thankful that SB2531 and SB2600 were not considered in the first veto session last week. These bills would place representatives from organized labor on economic development, non-profit, and even chamber boards if these organizations accept any government money.
The Governor vetoed the bills on July 29, but the General Assembly could override that veto during the next veto session which runs from November 29 to December 1. The Chamber opposes these bills and encourages Members to voice their opposition as well. Follow the link to the Chamber website where you can find your State Senator and Representative’s contact information. You can find more information on the Chamber’s opposition here.
In addition, we have been following House Amendment 1 to HB293. This amendment was discussed in the Revenue and Finance Committee on Nov. 15 and proposes significant tax increases for a variety of Illinois businesses. The Illinois Chamber is leading opposition to the amendment and spoke in opposition when it was first introduced. The next committee hearing is scheduled for Nov 29, 2016.
The Amendment proposes a tax increase for most industries. It would raise the corporate income tax rate from 5.25% to 6% for everyone. It would also eliminate the rolling stock exemption, eliminate the Manufacturing Machinery Equipment Exemption, repeal the non-combination rule, repeal the Estate Tax exemption increase, decouple the federal domestic production activities deduction, end the for profit hospital tax break, increase tax burdens on airlines, and more.
We will continue to monitor this omnibus bill, and will reach out with any further developments. We reiterate our stance that continued growth in the Illinois economy is needed. It is concerning that House Amendment 1 to HB293 attempts to address the State’s budget woes on the backs of small businesses that are the answer not the problem to our fiscal crisis.
Leadership on the Revenue and Finance Committee:
Chairperson John Bradley - D
Vice-Chairperson Michael J. Zalewski - D
Republican Spokesperson David Harris - R
In the meantime, eat pie and be merry. This is a magical season and the State budget battles will be here when you return.