Illinois House Speaker Michael Madigan, who also is state Democratic Party chairman, is proposing to cut the state’s corporate income tax rate in half. His bill, introduced today, calls for lowering the corporate tax on profits from 7 percent to 3.5 percent.
Democrats in Springfield have approved a major tax increase. The Illinois House and Senate passed a bill to raise the income tax by 67 percent. Under the plan, corporate taxes would also go up.Democrats spent days scrambling to retool the package.
Top legislative leaders in Springfield are still trying to work out a way to increase taxes. It's unsure if the General Assembly will vote on the issue before the end of the session next week. Proponents say a tax increase will help balance the state's multi-billion dollar deficit.