Wednesday, Apr 1, 2015
Quincy, IL News - QuincyJournal.com
Trending on the Journal

Related Headlines

Madigan fends off Republican attempts to cut into veto-proof House

State Rep. Smith found guilty of bribery, attempted extortion

Madigan says he doesn't have votes for tax hike

Speaker Madigan talks minimum wage

What Mike Madigan won't say about education spending

Recent Comments

migraine_in_qcy - Quincy an All-America City finalist - Quincy, IL News - QuincyJournal.com
Yep, businesses are going to ignore the anti-business tax climate of Illinois and line up to move to Quincy due to our All-America city status. If only that were true. Again with your slum-lords. Why don't you name one or give us an address so we can drive past and see what you're talking about?
migraine_in_qcy - Reward now offered for info on shooting of Quincy 12 yr old - Quincy, IL News - QuincyJournal.com
You couldn't be more wrong, as usual. I own part of my home, and the bank owns the rest. Not a realtor, not a landlord. You said there was lack of police presence due to funding, and I asked what you meant by that. Are you saying that funding cuts have reduced police presence, or that you think there needs to be an increased presence, hence additional funding is required? It's pretty obvious…
christhepilot - Reward now offered for info on shooting of Quincy 12 yr old - Quincy, IL News - QuincyJournal.com
HI sorry you didn't understand that landlords are responsible for the property, and I have a feeling by your input your a slum lord. The government put a lot of money into housing for lower income folks like the Hills and north 12th apartment complex and many others to help lower income families, they have to follow rules that keep the buildings in good shape and clean, rent is based off income.…
christhepilot - Quincy an All-America City finalist - Quincy, IL News - QuincyJournal.com
This is great i'm so happy for Quincy, I hope this will mean more income for the city in the way of more business, so they can step up patrols on north end to end the violence, North end has three nursing homes and a growing hospital complex, Maybe even employ some officials to perform rental house inspections to put restrictions on slum lords. More business coming to Quincy shows a good possible…
GoSalukis - Unemployment down in Quincy, Adams Co - Quincy, IL News - QuincyJournal.com
From www.gredf.org/quality-of-life After all, a business is only as good as its employees and a high quality of life leads to happy and productive employees. But it's hard to measure quality of life in data. Numbers don't tell you about community spirit. That's why we urge you to visit in person and experience for yourself…

Most Popular

12 yr old boy shot and killed Sat morning Updated

Reward now offered for info on shooting of Quincy 12 yr old

Wagner and Griggs capture state title

Schock says he leaves Congress with sadness, humility

New jail or no new jail?

Happy Easter from Quincy Mall

Fishing For Freedom Registration Now Open

Mid-America Military Salute to Host 'Human Foosball' Fundraiser

Madigan proposes corporate income tax cut

1 year, 1 month ago pantagraph.com

Rate would drop from 7 percent to 3.5 percent under the plan

From pantagraph.com:

House Speaker Michael Madigan on Thursday proposed cutting Illinois' corporate income tax in half in an effort to improve the state's business climate, a move that also could help blunt election-year criticism that Democrats' policies are to blame for a sputtering economy and stubbornly high unemployment.

The legislation would cut the rate from 7 percent to 3.5 percent, effective Jan. 1, 2014. The powerful Chicago Democrat said it would save businesses an estimated $500 million to $700 million in the current fiscal year, which ends June 30.

"I am hopeful this legislation will encourage CEOs to grow their workforces with good paying jobs," Madigan said.

But business groups offered tepid praise, saying it would impact only a fraction of Illinois companies and that other taxes - particularly the personal income tax - are of greater concern.

Kim Clarke Maisch, Illinois director of the National Federation of Independent Businesses, said 75 percent of small businesses are organized in such a way that they pay personal income taxes on all business income. According to the Legislature's Commission on Government Forecasting and Accountability, of the companies organized to pay corporate income tax, about 70 percent had no tax liability in 2010.

"It's a step in the right direction, but the real job creators are small business owners, so if we're looking to give them relief, it would be better if we were to focus on the personal income tax as well," Maisch said.

Speaking to reporters in Chicago, Gov. Pat Quinn said he hadn't talked to Madigan and wouldn't say whether he supported the idea in advance of next month's budget address.

"We'll be preparing a budget," Quinn said. "We'll look at everybody's concepts."

Democratic lawmakers in 2011 approved a temporary tax hike as a way to address Illinois' fiscal crisis. It raised the corporate income tax from 4.8 percent to 7 percent and the personal income tax from 3 percent to 5 percent.

Republicans have made the tax increase a big focus heading into the 2014 election, arguing that the Democrat-controlled Legislature squandered the billions in additional revenue and that the hike drove businesses out of state. They note Illinois still has a roughly $6 billion backlog of unpaid bills and one of the highest unemployment rates in the nation.

The issue also has become more prominent this year because the higher rates are scheduled to roll back on Jan. 1, with the corporate rate dropping to 5.25 percent and the personal income tax to 3.75 percent. Those changes would reduce revenues by about $2 billion in the second half of the next fiscal year, forcing lawmakers to either cut spending or pass new tax legislation.

Click Here to Read Full Article


From the Newsroom

QuincyJournal on Twitter

QuincyJournal 12 minutes ago

Ray Humphrey Jr "Stop The Violence" Texas Roadhouse Take Over http://t.co/hpkIKKKxIj
QuincyJournal on Twitter

QuincyJournal 1 hour, 12 minutes ago

Missouri Lawmakers Pass Bill to Help Agriculture Industry http://t.co/Nk1ksJ9Frq
QuincyJournal on Twitter

QuincyJournal 4 hours, 9 minutes ago

Quincy Mall Vendor Show http://t.co/ZJDWghNtdP
QuincyJournal on Twitter

QuincyJournal 5 hours, 12 minutes ago

QMG Pittsfield Affiliate to Host 5K Run/Walk on April 11th http://t.co/yJwvP1JoEe