Tuesday, Sep 30, 2014
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Recent Comments

pjohnf - Iowa company pitches Newcomb development proposal - Quincy, IL News - QuincyJournal.com
Is this project going to have a surety bond in place if this guy goes under or is the performance bond the same thing? The project sounds like a good use of the property but we tax payers lost big time the last time we put up money for a developer to develop this property.
ONCEMORE1 - Practice of end-of-career teacher salary bumps being scrutinized - Quincy, IL News - QuincyJournal.c
Sure are------12 months pay for nine months "work". Plus a couple weeks for Holidays, Christmas Break, Spring Break, Snow Days, etc. Try to match that in the Real Working World.
qfingers - Iowa company pitches Newcomb development proposal - Quincy, IL News - QuincyJournal.com
Could you list what "infrastructure" this is for? It's apartments and retail space...not roads and sewers. And I don't see any parking in the illustration above. 20 apartments could easily mean 40 cars there 24x7. And I don't believe it's legal for the city to give anybody a property tax abatement except by a few means like enterprise zones for example. Anything targeting one…
ONCEMORE1 - Iowa company pitches Newcomb development proposal - Quincy, IL News - QuincyJournal.com
Here we go again......... Giving away the farm---AGAIN---is about as brilliant as Deuce's parking lot that nobody needs.
vonvicious - Iowa company pitches Newcomb development proposal - Quincy, IL News - QuincyJournal.com
The city might as well build the build and finance the structure itself. First off sell the property for what it is worth. 52 parking spots for 20 apartments and an eatery is that even enough to meet code.

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Madigan proposes corporate income tax cut

7 months, 4 weeks 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.

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@ursadailynews The City is planning to take out insurance to cover that in case it falls through.