LIVE VIDEO: Today in St. Louis    Watch
 

Closer Look: Business decries Quinn loophole plan

7:49 AM, Mar 10, 2013   |    comments
  • Share
  • Print
  • - A A A +

SPRINGFIELD, Ill. (AP) - Gov. Pat Quinn wants to suspend three business tax incentives to help pay down Illinois' $9 billion in overdue bills but business leaders are objecting.

The Democrat told lawmakers last week his budget proposal includes legislation to end breaks like not taxing foreign dividends of multinational corporations.

The change would raise $450 million annually.

Business groups say the plan would hurt job creation and could be unconstitutional.

Quinn spokeswoman Brooke Anderson says "it's no time for corporate tax loopholes" when the state is so far behind on paying bills.

But in late 2011 Quinn signed a $100 million tax break to keep two major corporations in Illinois.

Pew Charitable Trusts researcher Josh Goodman says states should review tax incentives for success or failure.

__

The bill is SB1159.

Online: http://www.ilga.gov

(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

Most Watched Videos