A Few Last Minute Surprises
There were a couple of last minute tax initiatives that showed up as amendments in the final days of session. They did not pass, but still could when the Legislature re-convenes to address pension reform this summer. We’ll be keeping an eye on:
HB 5342, which was amended by Senator Cullerton to include a change in the definition of “United States” for income tax apportionment purposes. The legislation would expand the definition to include in addition to the continental U.S. “any area over which the United States has asserted jurisdiction or claimed exclusive rights with respect to the exploration for or exploitation of natural resources, but does not include any territory or possession of the United States.” House Bill 5342 passed the Senate yesterday and is now before the House for concurrence. The Illinois Chamber will be working to oppose this amendment.
A bill to impose a 5% tax on satellite broadcast service providers, HB 5440, also passed the Senate and now moves to the House for concurrence. The bill was brought by cable television providers.