There are five basic legal forms of business structures found in the United States: C corporations, S corporations, sole proprietorships, partnerships, and Limited Liability Companies (LLCs). In order to understand...
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- Illinois Governor Hosts Tax Summit with Remaining Busines...
Illinois Governor Hosts Tax Summit with Remaining Businesses
Illinois Gov. Pat Quinn today hosted a tax summit for Illinois businesses today at a local Springfield restaurant, where he was joined by representatives of 3 of the 4 remaining businesses in the state. The fourth, an assisted living facility that has not received owed payments from the Illinois state government for 17 months, was busy preparing to close its doors.
Quinn had decided to host the summit after a marked increase in the flight of investment from the state following last year's 30 percent increase in corporate taxes and 67 percent increase in individual income taxes. Tax revenues have not met projections despite the increase.
The discussion occurred over lunch at Springfield's historic Maldaner's Restaurant, itself one of the remaining businesses in the state. Quinn asked for suggestions on what could be done to stop the flight of businesses to other states, other than repealing the recent massive tax increase.
"Could we reduce LLC filing fees from $750 to $100?," Quinn asked, ticking off suggestions. "Or maybe inflation adjust the personal exemption, or phase in a lower estate tax over several years?"
Attendees instead recommended new tax credits for their own companies. A proposal to continue the new tax on affiliate marketers also met no opposition from those in attendance, primarily because there are no affiliate marketers left in the state.
Asked afterward by a reporter if he was giving any thought to reversing the income and corporate tax increases, Quinn demurred.
"Nah, taxes don't affect where business invests," he stated.
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