Post by Logan on Jan 26, 2017 0:29:26 GMT -6
A new tax on sodas, sugary drinks? It might be part of Illinois budget deal
A proposition to tax sugary beverages is being revived as part of the Illinois Senate's "grand bargain" to pass a state budget.
Senate Bill 9 will tax any beverage that has five grams of sugar or more, meaning drinks like soda and certain juices will be affected. The bill requires distributors to impose a penny-per-ounce tax on retailers, which would produce an estimated $560 million for the state.
The tax isn't the only revenue-generating legislation the Senate is considering as part of its budget compromise. There's also an income tax increase that aims to generate $4.1 billion.
Health care advocates view the beverage tax as a responsible revenue generator. But soft drink representatives say SB9 would have dire consequences, not only for prices, but also employees in the industry.
Read more: www.sj-r.com/news/20170118/new-tax-on-sodas-sugary-drinks-it-might-be-part-of-illinois-budget-deal
A proposition to tax sugary beverages is being revived as part of the Illinois Senate's "grand bargain" to pass a state budget.
Senate Bill 9 will tax any beverage that has five grams of sugar or more, meaning drinks like soda and certain juices will be affected. The bill requires distributors to impose a penny-per-ounce tax on retailers, which would produce an estimated $560 million for the state.
The tax isn't the only revenue-generating legislation the Senate is considering as part of its budget compromise. There's also an income tax increase that aims to generate $4.1 billion.
Health care advocates view the beverage tax as a responsible revenue generator. But soft drink representatives say SB9 would have dire consequences, not only for prices, but also employees in the industry.
Read more: www.sj-r.com/news/20170118/new-tax-on-sodas-sugary-drinks-it-might-be-part-of-illinois-budget-deal