Business
1:49 pm
Thu January 30, 2014

Madigan wants to cut corporate income tax

The Illinois House Speaker is calling for a cut in the state’s corporate income tax rate.

 Speaker Michael Madigan is supporting a measure that would cut the corporate income tax rate in half.

 His bill calls for lowering the corporate tax from 7 percent to 3-point-5 percent on profits.

 In a statement - the Chicago Democrat says he hopes the bill will encourage CEOs to grow their work forces.

 Todd Maisch is with the state Chamber of Commerce.

 MAISCH: What’s almost as important, if not moreso, is the change in the tone in the debate about taxes at the Statehouse.

 Maisch says the tax mostly affects large businesses in Illinois.

 Nearly four years ago - lawmakers passed a measure raising the corporate income tax rate to its current 7 percent - making it one of the highest rates in the country.

 Madigan is also chairman of the state Democratic Party.

 His support for cutting the tax comes as most of the Republican candidates for governor have been calling for lowering both the corporate and personal income tax rates. Democratic Governor Pat Quinn has not said where he stands on the issue.