Governor Quinn Calls for Repeal of Tax on Natural Gas
Governor Quinn gave his State of the State Address this week, proposing an Illinois Jobs Agenda 2012. The Governor’s Jobs Agenda calls for three targeted tax cuts:
- Repeal of the natural gas utility tax for both residential and commercial users;
- Establishment of a $100 Child Tax Credit; and
- Creation of a Hiring Veterans Tax Credit.
Revenue loss to the state from implementation of all three initiatives has been estimated as high as $500 million. The Governor did not specify how his Jobs Agenda would be paid for. In fact, the Governor really didn’t address the State’s ever-increasing budget deficit. He did, however, acknowledge that the State needed both Pension and Medicaid reform. The full text of the Governor’s Address can be found here.
The Governor’s Budget Address is scheduled for February 22, 2012.