State News
6:45 am
Fri May 24, 2013

Measure closing "tax loopholes" heads to the House

A measure that would close three so-called “corporate tax loopholes” in Illinois is beginning to make its way through the House. Governor Pat Quinn’s office says Illinois could bring in as much as 445-million dollars by ending the tax breaks.

Illinois’ business groups are opposed. They say that’s money which could be used to create jobs.  During a committee hearing Thursday afternoon, group leaders said higher taxes could lead to more corporations leaving the state. But Representative Will Davis, a Democrat from Homewood, says he isn’t buying that idea.

“Businesses can make decisions all the time that they need to downsize, that they feel like they need to grow. Many businesses come here for the opportunities to grow.”

The committee signed off on the plan on a party line vote with Republicans in opposition. It now heads to the full House.