Illinois / Business
12:03 pm
Wed December 14, 2011

Ill. Dems, GOP race to end corporate tax hikes

Fresh off approving tax breaks for key Illinois businesses, Democrats and Republicans in the Illinois House are racing to end the corporate tax hike imposed this year.

House Republican Leader Tom Cross announced a plan Wednesday to return the corporate rate to 4.8 percent from 7 percent by 2014 - instead of 2025. He and business leaders proposed a step-down plan that in the meantime would lower taxes when the unemployment rate rises.

Tuesday, Democratic Rep. Jerry Costello II of Smithton introduced legislation that would eradicate the corporate hike starting Jan. 1.

Lawmakers sent to Democratic Gov. Pat Quinn Tuesday tax-break legislation aimed at keeping Sears and the Chicago Mercantile Exchange in Illinois. And they promised to do more.