On the eve of the state legislature's fall veto session, which we
previewed last week, lawmakers and stakeholders in Springfield are
racing to build support for some important -- and often controversial --
pieces of legislation.
After hearing word that Governor Pat Quinn wrote a letter to persuade
Milwaukee train-maker Talgo Inc. to leave Wisconsin for greener
pastures in Illinois, Wisconsin's Governor-elect Scott Walker is vowing
to persuade Illinois companies to head for the Badger State in order to avoid the tax increases Quinn has promised to put in place.
Although sales tax and personal income tax receipts are rebounding
slightly, the Commission on Government Forecasting and Accountability
reports that overall revenue to the state of Illinois dropped
by 1.6 percent last month compared to a year ago. Declines in federal
aid and corporate income tax receipts contributed to the fall.
A tax amnesty plan approved by the General Assembly this past spring
ended yesterday. While it will take several days to determine if the
state met its collection goal of $250 million, the Commission on
Government Forecasting and Accountability predicted
Illinois would raise just $100 million from the initiative. Last month,
Comptroller Dan Hynes' office lowered its initial estimate for how much
revenue the program will generate. Delinquent taxpayers had five weeks to pay the state unpaid back taxes
accrued between July 2002 to July 2009 without facing fines.
House Speaker Michael Madigan (D-Chicago) isn't convinced that Gov.
Pat Quinn's income tax plan is smart policy. The message "is not only an
increase in the tax for education funding," he toldCrain's
Greg Hinz yesterday.