Senate Sends Tax Relief Package to Governor

Just 24 hours after they passed the House, the Senate concurred on two bills this afternoon that will provide tax relief to businesses and individuals, including extending the state’s R&D tax credit and providing incentives to CME and Sears to remain in Illinois.  As reported in yesterday’s Government Affairs Report, SBs 397 and 400 represented a compromise approach to an omnibus tax relief bill that failed to garner more than 8 votes in the House last month.  The Senate, however, approved their version of an omnibus tax relief bill in late November, but it was clear that the personal income tax changes would have to be separated out from the business tax provisions in order to garner support in both chambers.

The Illinois Chamber applauds the recent action taken by the General Assembly to preserve jobs and tax incentives that will make the state more attractive to businesses, but believes the measures approved today only represent the beginning of a necessary and much more comprehensive approach to changing the business tax code in 2012 to improve the state’s business tax climate long into the future.

SB 397 and SB 400 now go to the Governor who is expected to sign the legislation.

The SB 397 House roll call can be viewed HERE.  The Senate concurred 44-9-0 and the roll call should be posted a little later HERE.

The SB 400 House roll call can be viewed HERE.  The Senate roll call is HERE.