You nailed it. I agree with you. Of course, as you are publishing this, here is what they are doing in Springfield to hurt us. Why do they always shoot us in the back?
Breaking: New Language Filed on Omnibus Tax Bill
This afternoon Sen. Hutchinson filed new language to SB 9, otherwise known as the Senate’s revenue omnibus bill. SB 9 is part of package of 13 bills that is currently making its way through the Illinois General Assembly. There are several new components laid out in Senate Amendment №1 to SB 9 that are worth mentioning to the Illinois business community.
Under Senate Amendment №1, the new provisions include:
- Removal of the soda tax and is replaced by the Business Opportunity Tax Act. This tax is a tax imposed on businesses based on the number of Illinois employees of the business.
- Raises corporate income tax rate to 7% and personal income tax rate to 4.99%.
- Establishes the following service taxes; storage services, amusements, repair and maintenance services, landscaping services, and laundry and dry-cleaning services.
- Establish a tax on cable television services and direct broadcast satellite services.
- Decouples from the Domestic Production Activities Deduction.
- Eliminates the unitary business noncombination rule.
- Makes the research and development credit permanent.
- Redefines manufacturing to include graphic arts production and includes items formerly included in the manufacturers purchase credit in the manufacturing machinery and equipment exemption.
- Provides that False Claims Act cases may not be brought with respect to any taxes imposed, collected, or administered by the State of Illinois.
- Repeals the Adult Entertainment Tax effective January 1, 2018.
- Modifies pollution control facilities valuation under the Property Tax Code.
How do they say it in French? Merde!