Big tax breaks are likely coming down the pipe for businesses in Illinois. Lawmakers are expected to vote on a rewrite of the state's tax code this week. Mark Denzler with the Illinois Manufacturers Association says the tax relief is critical when it comes to keeping businesses in the state.
[audio:rddDenz1.mp3]A Word From Denzler[/audio]
Denzler with the Illinois Manufacturers Association says the tax breaks are nothing in comparison to what the state will lose if the businesses leave the state.
[audio:rddDenz2.mp3]A Word From Denzler[/audio]
Several big companies threatened to leave Illinois after a spike in corporate income taxes took effect earlier this year, including Sears and the Chicago Mercantile Exchange. The new plan would allow companies to write off 100 percent of the cost of equipment, as well as increase the estate tax deduction and extend the research and development tax credit. It will also include an increase in earned income tax credit for individuals.