Brady: Illinois at the bottom when it comes to business climate
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[December 15, 2011]
SPRINGFIELD -- A package of tax law
changes designed to keep thousands of jobs in Illinois and provide
relief for low-income workers was passed by the Senate on Tuesday
with the support of state Sen. Bill Brady, R-Bloomington.
"In addition to providing tax relief for low-income workers, small
businesses and family farm owners, this legislation will pay for
itself by keeping jobs here in Illinois and encouraging greater
economic investment and even more job growth," said Brady, who
co-sponsored the two-bill package.
Senate Bill 397 includes a series of business tax changes,
including an apportionment change that helps the Chicago-based
Chicago Mercantile Exchange and the Chicago Board of Trade; a tax
credit and other provisions to assist Illinois-based retailer Sears;
a five-year extension of a research and development tax credit to
encourage research investment in Illinois; a cut in estate taxes
designed to help farms and small businesses; and a tax credit for a
car filter manufacturer in downstate Albion.
Senate Bill 400 raises the personal exemption on income taxes
from $2,000 to $2,050 and links it to the annual rate of inflation.
It would also expand the earned-income tax credit, which allows more
than 2.5 million lower-income families to keep more of their
"Illinois has been heading in the wrong direction for years now.
Our state is on all the important economic indicator lists -- it's
just that we are ranked at or near the bottom of those lists," Brady
said. "I do not like everything in this package, but it is a
compromise and a good first step toward getting our state back on
the top of those economic indicator lists."
The 44th District senator said Republican lawmakers negotiated
the tax law changes in good faith, but many have expressed
frustration because they previously warned their Democrat colleagues
that the 67 percent income tax increase approved in January would
have a disastrous effect on Illinois' jobs climate.
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"Time and again, I have said that we must fundamentally change
the way we do business in Springfield. It is a message that bears
repeating. We need true reforms, controlled spending and good fiscal
management -- not expedited political solutions," Brady said. "I
will continue to push for a responsible approach, for long overdue
reforms to a system that clearly does not work. We need to change
our course, before it is too late."
Approved by the House of Representatives Dec. 12 and by the
Senate Dec. 13, Senate Bill 397 and Senate Bill 400 now move to desk
of Gov. Pat Quinn, who has indicated he will sign them into law.
[Text from file sent on behalf
Bill Brady by
Illinois Senate Republican staff]