Post by Logan on Jan 25, 2017 23:57:13 GMT -6
Extending the state sales tax to some services and an "opportunity" tax on employers based on the size of their payrolls are part of a $6.5 billion package of tax hikes now being proposed as part of the Senate's effort to end Illinois' two-year budget impasse.
The new taxes are in addition to an income tax increase that would raise the individual income tax rate to 4.99 percent from the current 3.75 percent.
However, the fate of the higher taxes and the other components of the Senate's "grand bargain" package of bills may not be immediately known. Senate President John Cullerton initially planned to have the full Senate vote on the package Wednesday after Gov. Bruce Rauner delivers his state of the state message.
However, Cullerton and Senate Republican Leader Christine Radogno both said it may take longer to secure enough votes to pass the package. The bills were drafted so that none of them becomes law unless all of them pass and are signed by the governor.
Read more: www.sj-r.com/news/20170124/new-sales-employer-taxes-in-state-budget-deal
The new taxes are in addition to an income tax increase that would raise the individual income tax rate to 4.99 percent from the current 3.75 percent.
However, the fate of the higher taxes and the other components of the Senate's "grand bargain" package of bills may not be immediately known. Senate President John Cullerton initially planned to have the full Senate vote on the package Wednesday after Gov. Bruce Rauner delivers his state of the state message.
However, Cullerton and Senate Republican Leader Christine Radogno both said it may take longer to secure enough votes to pass the package. The bills were drafted so that none of them becomes law unless all of them pass and are signed by the governor.
Read more: www.sj-r.com/news/20170124/new-sales-employer-taxes-in-state-budget-deal