Capitol update: Week one
The official business of Illinois’ 98th General Assembly began this week, with both chambers in session for the first week of the 2014 spring legislative season. The beginning of session typically is a slower time of year, with legislative language being tweaked, and with final touches and chief sponsors being courted. This is especially the...
The official business of Illinois’ 98th General Assembly began this week, with both chambers in session for the first week of the 2014 spring legislative season.
The beginning of session typically is a slower time of year, with legislative language being tweaked, and with final touches and chief sponsors being courted. This is especially the case, being the second and final year that this General Assembly will convene. That said, much of legislators’ and lobbyists’ focus is on the upcoming March 18 primary election.
While few bills are being heard in committee or on the floor, legislators are staying busy. In fact, this past Wednesday, the Illinois Policy Institute hosted a presentation by Travis Brown, author of “How Money Walks.” Brown discussed the massive out-migration from Illinois: between 1992 and 2010, more than 350,000 taxpayers moved out of the state and took more than $29 billion in taxable income with them. The Institute’s Vice President of Policy Ted Dabrowski addressed more than 30 state legislators on the affect Illinois’ high tax rates have on the state’s economy. Finally, Brown and Dabrowski covered some of the fiscal reforms required to reverse Illinois’ out-migration trend.
Two such reforms have already been proposed—by Gov. Pat Quinn and House Speaker Michael Madigan. Quinn announced his plans to drastically reduce the filing fees imposed upon limited liability companies, something the Institute has been pushing for several years. The concept of reducing the cost of creating business births in Illinois is a step in the right direction. As for reducing the cost of doing business in Illinois, Madigan has introduced legislation that would cut Illinois’ corporate income tax in half. While there has been speculation regarding ulterior political motives, there is no question that reducing the state’s corporate tax rates, which are the fourth-highest in the industrialized world, would be a positive change. We expect both of these issues to play out this spring.
Neither chamber is in session next week, but our government affairs team will be back in Springfield, filing the bills that are part of Illinois Policy Action’s 2014 Legislative Agenda, which will promote freedom and fairness across the state. We’re looking forward to the release of our agenda, which you can expect to see in the coming weeks.