Crains: Inside Indiana's campaign to lure 'Illinoyed' businesses
Victor Smith sinks into an upholstered armchair in his office and smoothes the wrinkles from his charcoal gray suit. It’s been a good year for Indiana’s secretary of commerce. Following the largest tax cut in state history, Smith presided over a record-breaking year for economic development that included persuading dozens of companies to jump the border from Illinois. Soon, Smith will walk across the street to the cavernous state Capitol and listen to Indiana’s Republican Gov. Mike Pence tout the relocations and expansions as proof that “Indiana is open for business.”
For now, though, Smith, a boyish-looking 46, is taking a few moments to show off his department’s promotional handiwork. “I love this one,” he says, pointing to one of a half-dozen snarky tag lines mocked up for potential advertisements. It reads: “Can you spell decifit? We can’t.”
Others—all conceived by Smith and his team—read: “Hoosier Santa now?” “Do you have financial envy?” “Psst, the folks who raised your taxes are on the naughty list.”
Daily Herald: $26 million set aside to buy land for parks in Illinois
An investment of $26 million by taxpayers will allow communities across Illinois to buy land for parks and improve recreation.
Gov. Pat Quinn announced the grants Saturday as part of a plan he says will increase recreational opportunities, create jobs and help the economy.
The money comes from the state’sOpen Space Lands Acquisition and Development program. It will provide $24 million to support 75 projects in 28 counties throughout Illinois. Another $2 million comes from the federal Land and Water Conservation Fund. The money will provide up to half of each project’s cost.
Daily Herald: No health insurance? Penalties to rise in 2015
The cost of being uninsured in America is going up significantly next year for millions of people.
It’s the first year all taxpayers have to report to the Internal Revenue Service whether they had health insurance for the previous year, as required under President Barack Obama’s law. Those who were uninsured face fines, unless they qualify for one of about 30 exemptions, most of which involve financial hardships.
Dayna Dayson of Phoenix estimates that she’ll have to pay the tax man $290 when she files her federal return. Dayson, who’s in her early 30s, works in marketing and doesn’t have a lot left over each month after housing, transportation and other fixed costs. She’d like health insurance but she couldn’t afford it in 2014, as required by the law.
New York Times: The Economics (and Nostalgia) of Dead Malls
Inside the gleaming mall here on the Sunday before Christmas, just one thing was missing: shoppers.
The upbeat music of “Jingle Bell Rock” bounced off the tiles, and the smell of teriyaki chicken drifted from the food court, but only a handful of stores were open at the sprawling enclosed shopping center. A few visitors walked down the long hallways and peered through locked metal gates into vacant spaces once home to retailers like H&M, Wet Seal and Kay Jewelers.
“It’s depressing,” Jill Kalata, 46, said as she tried on a few of the last sneakers for sale at the Athlete’s Foot, scheduled to close in a few weeks. “This place used to be packed. And Christmas, the lines were out the door. Now I’m surprised anything is still open.”
Chicago Tribune: Quinn signs small-business retirement plan bill into law
Most businesses in Illinois will soon be required by law to adopt a retirement savings plan for employees, under a bill Gov. Pat Quinn signed into law Sunday.
The law requires all businesses in operation for at least two years and that have at least 25 employees to offer by June 1, 2017, its workers an individual retirement savings option.
Such companies without a work-based savings plan such as a pension or 401(k) can decide to work with private entities but they can also join the newly created Illinois Secure Choice Savings Program, which comes with a default 3 percent payroll deduction.
WirePoints: Worst pension reporting of the week
All the regular media in Illinois. That’s who botched the primary story this past week on Illinois pensions, which was the annual report of the Auditor Generalabout the five state pensions, which certifies amounts to be contributed by taxpayers for the year.
Most stories re-skinned the Associated Press story on the report, linked here, which basically just says the taxpayer contribution will increase by $680 million to about $7.5 billion. That’s stenography, not reporting. The real story is that taxpayer contributions still won’t even come close to amounts sufficient even to keep unfunded liabilities even, as we have documented here repeatedly.
In fact, it’s not even good stenography. The report itself clearly says, in bold face, that the contributions are not sufficient and are calculated using methods that don’t meet generally accepted actuarial standards. No mention of that in the A.P story or any others I have seen.