taxes

"Money" By Flickr User Pictures of Money / (CC BY 2.0)

An error by the Illinois Department of Revenue means local taxing districts that receive disbursements from a personal property-tax replacement fund must repay an estimated $168 million to the state.

A statement from the department says the misallocation was identified when the department implemented its new general ledger system.

The department says the misallocation began in 2014 under former Gov. Pat Quinn's administration following an amendment to the Illinois Income Tax Act.

About 6,500 Illinois taxing districts are impacted by the misallocation.

Lisa Ryan/WUIS

As Illinois faces major budget problems, everyone has a different answer for which services to cut and which taxes to raise.

Mike Nobis is worried. His commercial printing company has been in Quincy, Ill., for 108 years. He says he's struggling to compete with other companies, especially those across the border in Missouri.

The current Illinois sales tax does not cover most services. Nobis says that, if the sales tax is expanded to cover the printing industry, he might go out of business.

Cut The Corporate Income Tax? Illinois House's Top Democrat Says Yes

Jan 30, 2014
Simon Cunningham, licensed under CC BY 2.0 / lendingmemo.com

The Illinois House Speaker is calling for a cut in the state’s corporate income tax rate.