Today’s Headlines 6/23/2011
- Boeing far behind Airbus in orders at Paris show
- City eyeing UIC for G8/NATO meeting to limit conflicts with Restaurant Show
- Chicago’s May unemployment rate falls to 9.8%
- Legislature takes up review of business taxes
- Google target of FTC probe: report
- Pump Room keeping name after ‘landslide’ vote
View All of Today’s News Headlines
— The business tax structure of Illinois is coming under a special review by the General Assembly.
A joint House-Senate Revenue Committee will examine this year’s increase in corporate taxes, which has led a flurry of firms to explore leaving the state, as well as controversial tax exemptions to retain large firms.
“We need to take a holistic approach to business taxes with an eye toward growth and fairness rather than continued piecemeal policies that often pit one business against another,” said Illinois Senate President John Cullerton in a statement posted on his website.
“I see this as a timely opportunity for critics and advocates alike to participate in the process and offer their views on what the state’s business policies should be,” Illinois House Speaker Michael Madigan said in the same announcement.
Input would be sought from the Illinois Chamber of Commerce, Illinois Manufacturers’ Assn., Illinois Retail Merchants Assn., National Federation of Independent Business, Chicagoland Chamber of Commerce, Illinois Construction Industry Committee and the Civic Committee of the Commercial Club of Chicago, as well as other groups, according to the announcement.
A schedule for the public hearings will be announced later.
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