Plenty of Illinoisans will be on the road this holiday season, with record-high travel across the nation. Filling up for the trip is pricey in Illinois and will get even pricier after Jan. 1.
A new survey found Illinois reported the third-highest increase in small business rent delinquency nationwide during November, with 40% of respondents unable to pay rent on time or in full.
AAA predicts nearly 55 million people will travel for Thanksgiving this year, only 2% less than Thanksgiving travel in 2019. Illinoisans hitting the road should try to fill up in other states.
During the past five years, Illinois’ business tax climate has gotten worse while all neighboring states improved or held steady. Six companies this year said they are relocating, and the exodus may not be over.
One of the state’s biggest employers is relocating their headquarters to Irving, Texas. A decade ago Caterpillar’s CEO warned state leaders of business losses unless they balanced the budget, controlled workers’ comp costs and cut taxes. He was ignored.
While Illinois settles for Pritzker’s temporary relief that mostly expires after the November election, its neighbor states are making long-term changes to help grow their economies.
The Education Freedom Tax Credit, also known as the Federal Scholarship Tax Credit, will give Illinois students access to donor money if the state opts into the program.