The corporate tax reforms under President Donald Trump’s proposed tax plan could strengthen Illinois’ position as a home for businesses, but the state’s uncompetitive income, property and death tax policies would put its residents at an even greater disadvantage with respect to other states if the president’s plan passes.

House Bill 3393 would impose a 20 percent surcharge on fees earned by investment managers.

The New York-based credit agency cited the lack of action on a budget as the primary reason for the downgrade.

Pension costs alone now consume a quarter of the Illinois state budget.