Thu April 4, 2013
Quinn Wants To Close Corporate "Loopholes"
Governor Pat Quinn's office says Illinois could save $445 million by closing three loopholes. One such policy lets a company take a deduction for manufacturing in other states. Another affects how multi-state businesses file their tax returns. A third prevents Illinois from collecting taxes on multinational corporations' foreign dividends.
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, any number of things to improve the job climate in Illinois." -Connie Beard
The Quinn administration says that money could help Illinois pay down its backlog of debts that has forced non-profits to wait for money owed by the state. Kate Armstrong is with Through a Child's Eyes, which helps young kids at risk. She says the delay...
"on one occasion caused us to actually close our program mid-year and lay off our entire staff." -Kate Armstrong
Lawmakers listened to both sides, but didn't act at a hearing in Chicago. More debate is expected.
Illinois Public Radio's Amanda Vinicky contributed to this report.