Wednesday, Oct 1, 2014
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Income tax question looms as Gov. Quinn prepares for budget speech

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qfingers - Mayor Moore discusses Newcomb proposal - Quincy, IL News - QuincyJournal.com
It's not tax abatement...it's a tax refund which is a financing tool. And there's lots more than what is listed on your link It's a rather long section of 65 ILCS 5/11-74 http://www.ilga.gov/legislation/ilcs/ilcs4.asp?Ac...
Givemeliberty - Iowa company pitches Newcomb development proposal - Quincy, IL News - QuincyJournal.com
The pill Hobart is wanting the city to take would be easier to swallow, if they were bringing American Family, AT&T, Motorola, or something like it to fill up this building with 300-400 Jobs. Sadly though projects like the one I just described or the Newcome Lofts will only come to this area with help from the City or County (not saying the city should give in to all of Hobarts demands) because the…
UrKidsWillPay - Mayor Moore discusses Newcomb proposal - Quincy, IL News - QuincyJournal.com
The TIF district does not include a Property Tax abatement. Those are features of the Enterprise Zone which this site is not a part of. Would like to know how we are going to force that one through against our rules.....not that I doubt they will do it. Take a look at the eligible TIF expenses and tell me where they are going to lie to us to classify 1.8 million of a 4 million project as TIF eligible.…
UrKidsWillPay - Quincy Police Blotter for September 30, 2014 - Quincy, IL News - QuincyJournal.com
Could be or it could be for a burnout. which could be defined as unsafe because you lack complete traction. Or it could be for accelerating too fast but not buring the tires and without going over the speed limit. or she could have exited a private drive like the bowling alley without properly yielding.
qfingers - Mayor Moore discusses Newcomb proposal - Quincy, IL News - QuincyJournal.com
Just remember that getting taxable property there doesn't bring in any extra $$ for the city. What it does is lower property taxes for the rest of us. Obviously more $$ back for more expensive properties (i.e. same % saved across the board). By the same token the TIF district raises our taxes until such time as the TIF expires. That's because some of the tax $$ are diverted to a special…

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Illinois' budget plan requires trust

6 months, 3 weeks ago herald-review.com

Five-year plan would allow the state to pay off its $5.4 billion of unpaid bills

From herald-review.com:

Chicago's Civic Federation has proposed a reasonable and balanced approach to extract Illinois from its current financial mess.

The problem is trusting the current state government to do anything that's reasonable and balanced.

The federation unveiled a five-year plan this week that would allow the state to pay off its $5.4 billion backlog of unpaid bills and would also avoid extreme budget cuts.

The plan calls for extending the temporary income taxes that are scheduled to expire at the end of this year for one year and then eliminating those taxes over the next four years. In addition the plan calls for taxing retirement income. Illinois is one of three states that exempts pension income from income taxes and one of 27 states that doesn't tax Social Security income.

Coupled with the pension reform proposal approved by the legislature, the Federation's plan ``would finally allow the state to move beyond what has become a perpetual fiscal crisis,'' Civic President Laurence Msall said.

The expiration of the lame duck tax rates at the end of this year will cause the state to lose more than $1.7 billion in tax revenues next year and more than $4 billion in fiscal year 2016. Gov. Pat Quinn has yet to unveil his plan for the taxes, although most expect the issue won't be addressed until after the November elections.

The tax issue is sure to be controversial and taxing the income of retirees will not be an easy sell.

The Federation should be applauded for putting forth a well-reasoned plan.

But the plan ignores this reality: Taxpayers have no reason to trust state government.

For example, when the lame duck tax increases were pushed through in 2011, Democratic leaders promised that the money would be used to pay off the backlog of bills and that pension reform would be addressed. Pension reform was delayed for nearly three years and while the backlog of bills has been reduced, it is far from eliminated.

Instead, we see a myriad of examples where state money has simply been wasted – the latest being Gov. Pat Quinn's questionable spending of $55 million to reduce violence in Chicago neighborhoods. In numerous ways, the state has used taxpayer money to continue its free-spending ways.

The Federation plan – at its most basic – is asking taxpayers to bail out state government for poor management in the past.

The issue boils down to a simple question: Given the state's track record, why should taxpayers trust our state government to use hard-earned taxpayer dollars wisely?

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