Post by Logan on May 7, 2016 1:07:24 GMT -6
While legislators in Springfield continue the battle over a state budget, Illinois is missing out on one of its biggest revenue streams. In 2014, millions of visitors traveled to Illinois, bringing in more than $36 billion.
Those visitors travel to Illinois because of extensive destination marketing campaigns by local convention and visitor bureaus and the Illinois Office of Tourism (IOT). While the local CVBs received their 2016 funding, the IOT has not.
According to a study released by the Illinois Council of Convention and Visitor Bureaus (www.iccvb.org/tourismmatters), Illinois would lose more than $11 billion in visitor spending over four years without the funding. While a 20 percent cut in IOT’s budget would save $54 million, Illinois would lose $127 million in tax revenue. A full cut could mean the state loses $367 million in taxes. Those losses to Illinois would outweigh any short-term gains from reducing the IOT budget.
According to the same report, a 100 percent cut also would mean nearly 23,000 people out of a job. Some 839 of those jobs would be from Peoria and Bloomington-Normal. Tourism supports more than 5,000 jobs in the Peoria area. Those who rely on tourism for their livelihood also will be spending less, creating even more of a negative economic impact on the state.
Read more: www.pjstar.com/opinion/20160506/op-ed-restore-illinois-office-of-tourism-funding
Those visitors travel to Illinois because of extensive destination marketing campaigns by local convention and visitor bureaus and the Illinois Office of Tourism (IOT). While the local CVBs received their 2016 funding, the IOT has not.
According to a study released by the Illinois Council of Convention and Visitor Bureaus (www.iccvb.org/tourismmatters), Illinois would lose more than $11 billion in visitor spending over four years without the funding. While a 20 percent cut in IOT’s budget would save $54 million, Illinois would lose $127 million in tax revenue. A full cut could mean the state loses $367 million in taxes. Those losses to Illinois would outweigh any short-term gains from reducing the IOT budget.
According to the same report, a 100 percent cut also would mean nearly 23,000 people out of a job. Some 839 of those jobs would be from Peoria and Bloomington-Normal. Tourism supports more than 5,000 jobs in the Peoria area. Those who rely on tourism for their livelihood also will be spending less, creating even more of a negative economic impact on the state.
Read more: www.pjstar.com/opinion/20160506/op-ed-restore-illinois-office-of-tourism-funding