Trying to find ways to raise money yet keep everyone in business in Illinois is the job Illinois lawmakers signed up for, and it resumes with a day or two of session after Thanksgiving. In a series of meetings the House Revenue and Finance Committee convened, one revenue stream discussed was opting out of a program to let businesses accelerate the write-offs of their capital purchases.
Click here for summary
And it would be retroactive, which State Rep. Frank Mautino (D-Spring Valley) says is a bad idea: “That’s the reason you made the purchases you made, and to tell you in November we’re going to hand you an $81,000 bill? Not proper, (in) my own feeling.” Meanwhile, taxpayer advocates such as Sean Noble of the Center for Economic Progress urged lawmakers to expand the Earned Income Tax Credit for lower-income Illinoisans. He says the income tax increase in January raised some revenue but left some holes: “The problem is we did it without a fairness measure along the lines of an EITC boost, and now is the opportunity to correct that,” he said. The Illinois House and Senate return Nov. 29.