Members of the General Assembly returned to Springfield Wednesday, for an abbreviated work week following the primary elections.  Action on tax bills was light. The legislature returns next week for a full session week, which is the final week for bills to pass out of their house of origin. The legislature then adjourns for a two week spring break.   Several tax-related bills of interest have already moved ...

 Not to outdone by the Senate, the House passed the following bills out of House Revenue & Finance Committee:     HB 4148 Amends the Property Tax Code to address tax liens placed against property which has been assessed one or more erroneous homestead exemptions. HB 4940 Amends the Counties Code. In a Section concerning school facility occupation taxes, provides that if a county board imposes a tax purs ...

 A very active week for Senate Revenue Committee, which sent the following bills to the Senate floor for consideration: SB 2886 which allows taxpayers to sell, assign, or otherwise transfer River Edge historic rehabilitation credits. SB 3149 amends the Property Tax Code to increase the senior citizens tax deferral cap from $5000 to $20,000 per year. SB 3154 expands the boundaries of the New Baden enterprise ...

Three reports that Illinois employers and business leaders should be familiar with. ...

After a busy week in committees, the House and Senate have adjourned for a short break so that members can return to their districts for the March 20th primary elections.   Both Houses plan on returning on March 21st, immediately following the election.   Today was the deadline for moving all substantive bills out of House and Senate committees, however, the Senate automatically extended the deadline for al ...

The Illinois Chamber of Commerce has joined a coalition of 150 businesses and trade groups calling for enactment of H.R. 1439, The Business Activity Tax Simplification Act of 2011. H.R. 1439 passed the U.S. House Judiciary Committee on July 7th, but has not yet been brought to the House floor for a vote. This week the Illinois Chamber joined other members of the coalition in a letter to U.S. House Speaker, ...

[caption id="" align="alignleft" width="75" caption="Image via Wikipedia"][/caption]  For the second year in a row, the House has decided to go with a lower estimate of how much revenue the state will receive for the next fiscal year.  The house's estimate is $200 million lower than the Governor's estimates.  Quinn's budget office is holding firm on their budget estimates leaving many to see a repeat of las ...

 SB 2514, along with a number of other bills scheduled for Senate Revenue Committee last week wound up being sent to sub-committee for additional consideration. This move lessens the likelihood that they will ultimately be released from Committee this session.   SB 2514 prohibits fund sweeps, administrative charges or chargebacks, "or any other fiscal or budgetary maneuver that would transfer any amount fro ...