The perennial game of tug-of-war over state taxes has begun. Governor Pat Quinn wants legislators to close what he calls "corporate tax loopholes." IPR's Amanda Vinicky has more:
The Governor's office says Illinois could save $445 million by closing three so-called loopholes. One such tax policy lets a company take a deduction for manufacturing in other states. Another affects how multi-state businesses file their tax returns, and a third prevents Illinois from collecting taxes on multinational corporat foreign dividends.
"We see it as a tax increase. A simple tax increase."
Connie Beard is with the Illinois Chamber of Commerce.
"$445 million more from Illinois businesses that could be used for capital investment, it could be used for jobs."
But the Quinn administration says that $445 million could help Illinois pay down a towering backlog of debts that has forced non-profits to wait for money owed by the state. Kate Armstrong's with Through a Child's Eyes, which helps young kids at risk, and says the delay ...
"on one occasion caused us to actually close our program mid-year and lay off our entire staff."
Legislators listened to both sides, but didn't take action at a hearing in Chicago. More debate is expected.
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