Madigan Proposes Cutting Ill. Corporate Income Tax
The powerful Chicago Democrat introduced legislation Thursday that would cut the rate from 7 percent to 3.5 percent, effective Jan. 1, 2014.
In a news release, Madigan says he hopes the cut "will encourage CEOs to grow their work forces with good paying jobs."
A spokeswoman says Illinois small businesses won't be affected by Madigan's proposal to cut the corporate income tax rate.
Kim Clarke Maisch is Illinois director of the National Federation of Independent Business. She says 75 percent of the state's business operations pay personal income taxes.
Maisch says Thursday's proposal is a step in the right direction but "the real job-creators are small business owners." Lowering the personal tax rate would help them most.
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. The increase is scheduled to be rolled back to 5.25 percent on Jan. 1.
Republicans have criticized Democrats for creating an unfriendly business environment, saying increased taxes have contributed to Illinois' high unemployment rate.
See other LocalNews news:Indiana Man Airlifted to St. Louis Hospital Following I-57 Wreck Near Route 161
Marion County Sheriff's Department Investigating Two Early Saturday Morning Wrecks
Voter Registration Deadline Ahead for March 15 Primary
Granite City Man Convicted of Murder in 21-Month Old's Death
Two Canadian Residents Hurt in I-57 Crash in Jefferson County