he General Assembly remained in session
on Saturday. Both chambers adjourned last night until the fall veto session.
The General Assembly passed budget appropriations bills - HB 0064 and SB 264.
The budget was "balanced" by passing SB 2099 which allows the state borrow up to $5 billion through a program administered by the Federal Reserve.
Little substantive tax-related legislation was passed.
- is the budget implementation bill (BIMP). The percentages of income tax collections to be deposited into the income tax refund fund have been lowered. In the case of individuals the percentage is lowered to 9% from 9.5% - this is the lowest percentage of deposits since FY 2013. In the case of corporations the percentage is lowered to 14% from 14.25% - this is the lowest percentage of deposits since FY 2014.
- extends the expiration deadlines for a number of TIFs.
The following proposals opposed by the Chamber did not move:
- "Phase Our Corporate Giveaways Compact" - This legislation would authorize Illinois to enter into a compact with other states to outlaw state-level tax incentives. Among its other flaws, the the legislation would authorize a private right of action by any "taxpayer resident" who wishes to challenge the granting of a company-specific tax incentive. I testified in opposition to this proposal at the House Revenue committee earlier this spring.
- We opposed this unnecessary initiative of the Illinois Department of Revenue. This proposal amends the Illinois Income Tax Act to amend the term "unitary business group" in a manner adverse to a number of our members. Earlier this spring I met with the Director of Revenue and his staff along with other representatives of the business community to outline our concerns.
- We opposed this unnecessary initiative of the Illinois Department of Revenue. This legislation amends the sales tax laws to place an arbitrary time limit on the amount of time a seller can utilize the demonstration and interim use exemptions to the sales tax.
- We continued our opposition to efforts of the Cook County Assessor to enact his so-called "data modernization" legislation.
This legislation would impose burdensome and unnecessary reporting requirements on owners and tenants of income-producing property. The legislation would authorize the imposition of these requirements by the Cook County Assessor and would also allow every other county in the state to opt in to these requirements.