Earlier this week, GOP members of the Illinois House offered a broad-based approach to accelerate a roll-back of the temporary corporate income tax hike passed by Democrats in January. New legislation lowers the rate from seven percent to six percent in 2013, and then down to four point eight percent in 2014. That’s the rate that was in place before the hike.
Representative Dwight Kay of Glen Carbon says this should help improve the business climate in Illinois.
It’s estimated the change would cost the state about 900 million dollars in tax revenue. House Democrats have also introduced a bill repealing the corporate income tax increase. So far, there is no relief plan in the works for the personal income tax rate, which was also raised in the waning hours of the last General Assembly.