State Representative Dan Brady and members of the House Republican Caucus Wednesday offered a broad-based approach to keeping good employers and making Illinois more competitive for jobs through legislation to accelerate a roll-back of the temporary corporate income tax hike passed by Democrats in January.
The bill takes a two-pronged approach to reducing Illinois’ business taxes by accelerating the expiration of the temporary corporate income tax increase. And reducing the corporate income tax by 0.25% anytime the Illinois unemployment rate increases by .3% in a four month span. Brady believes these steps are good for Illinois especially given the job climate around the country right now.
[audio:brady1.mp3]A Word From Brady[/audio]
Brady likes the rollback of the corporate income tax. He believes that it will enable Illinois to keep the jobs currently here and he hopes it can attract new jobs to the state as well.
[audio:brady2.mp3]A Word From Brady[/audio]
Brady says it is unfortunate to get to the point they are at that they first put many businesses in tough financial positions. He feels though this will help businesses all over Illinois continue to keep people employed.
[audio:brady3.mp3]A Word From Brady[/audio]
Brady believes the bill is needed to produce a better business climate in Illinois and what is lost in tax receipts to the state will be replaced with a gain in new employment and a broader tax base.
The bill is supported by the Illinois Manufacturers’ Association, the Illinois Retail Merchant Association, the State Chamber of Commerce, the National Federation of Independent Business, and the Illinois Policy Institute.