Will Session End in Grand Failure for Illinois Small Businesses?

Date: May 30, 2017

 

In the final two weeks of session and with the threat of a junk-bond status ranking from financial rating agencies looming, Illinois Senate leaders resumed work on a budget deal. However, there continued to be disagreements on significant issues, particularly regarding taxes, and at this writing, no deal had been reached.

While the 11 pieces of legislation making up the “grand bargain” budget compromise were technically unlinked so that each stands alone—rather than being dependent on passage of all for passage of any, as originally devised—some measure of dependency still remained. “Despite the Senate’s endorsement of seven of 11 proposals, the effort could be for naught if Democrats and Republicans don’t come to terms on tax issues,” the Associated Press wrote.

The budget would include $36.5 billion in spending, propped up by an income tax increase and an expansion of the state sales tax. Income taxes would go from 3.75 percent to 4.95 percent for seven years, and the 6.25 percent sales tax would be newly applied to alarm and security services; cable, satellite, and streaming services; landscaping; laundry and dry cleaning; personal control; pest control; private detectives; repair and maintenance; and storage units.

NFIB/IL urged the General Assembly to refrain from balancing the budget on the backs of small businesses by increasing taxes.

Related Content: Small Business News | Economy | Illinois

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