WBEZ | corporate tax http://www.wbez.org/tags/corporate-tax Latest from WBEZ Chicago Public Radio en Morning Shift: The future of SROs in Chicago http://www.wbez.org/programs/morning-shift-tony-sarabia/2014-02-06/morning-shift-future-sros-chicago-109647 <img typeof="foaf:Image" src="http://llnw.wbez.org/main-images/Cover Flickr reillyandrew.jpg" alt="" /><p><p>We take a look at the city&rsquo;s shrinking number of single-room occupancy hotels and their future in the city&#39;s Lakeview neighborhood. Plus, we look into why many Illinoisans are moving to the Hoosier State.</p><div class="storify"><iframe allowtransparency="true" frameborder="no" height="750" src="//storify.com/WBEZ/morning-shift-the-future-of-sros-in-chicago/embed?header=false" width="100%"></iframe><script src="//storify.com/WBEZ/morning-shift-the-future-of-sros-in-chicago.js?header=false"></script><noscript>[<a href="//storify.com/WBEZ/morning-shift-the-future-of-sros-in-chicago" target="_blank">View the story "Morning Shift: The future of SROs in Chicago" on Storify</a>]</noscript></div></p> Thu, 06 Feb 2014 08:25:00 -0600 http://www.wbez.org/programs/morning-shift-tony-sarabia/2014-02-06/morning-shift-future-sros-chicago-109647 State House Speaker calls for cutting corporate tax rate http://www.wbez.org/news/state-house-speaker-calls-cutting-corporate-tax-rate-109607 <img typeof="foaf:Image" src="http://llnw.wbez.org/main-images/RS2798_AP080109029993-madigan-scr - Copy.jpg" alt="" /><p><p>Illinois House Speaker Michael Madigan is proposing a measure that would cut the state&rsquo;s corporate income tax rate in half. The Chicago Democrat&rsquo;s bill, introduced today, calls for lowering the corporate tax on profits from 7 percent to 3.5 percent.</p><p>Madigan said in a statement, &ldquo;I am hopeful this legislation will encourage CEOs to grow their work forces with good paying jobs.&rdquo;</p><p>Madigan&rsquo;s proposal would work retroactively, with an effective date of Jan. 1 this year. He estimates it would save companies a combined total of up to $700 million dollars this year.</p><p>&ldquo;This is a very welcome proposal,&rdquo; said Todd Maisch of the Illinois Chamber of Commerce. &ldquo;While the substance is important in rolling back a very, very high corporate income tax rate, what&rsquo;s almost as important, if not more so, is the change in the tone in the debate about taxes at the Statehouse.&rdquo;</p><p>Maisch said the tax mostly affects large businesses in Illinois.</p><p>The legislation, if enacted, would more than reverse a corporate tax increase implemented nearly four years ago. State lawmakers then passed a measure raising the corporate income tax rate from 4.8 percent to its current 7 percent, making it one of the highest rates in the country.</p><p>Madigan is also chairman of the state Democratic Party. His move to cut the tax comes as most of the four candidates running in the March 18 Republican primary for governor are calling for reductions in both the corporate and personal income tax rates.</p><p>Democratic Gov. Pat Quinn has not said where he stands on the issue.</p><p><em>Tony Arnold covers Illinois politics. Follow him <a href="http://twitter.com/tonyjarnold" target="_blank">@tonyjarnold</a>.</em></p></p> Thu, 30 Jan 2014 14:54:00 -0600 http://www.wbez.org/news/state-house-speaker-calls-cutting-corporate-tax-rate-109607 Quinn to meet again with lawmakers on tax relief package http://www.wbez.org/story/quinn-meet-again-lawmakers-tax-relief-package-93708 <img typeof="foaf:Image" src="http://llnw.wbez.org/story/photo/2011-November/2011-11-03/Quinn fall 2011 veto sess - AP Seth Perlman.jpg" alt="" /><p><p>Illinois Gov. Pat Quinn is scheduled to meet with legislative leaders again Thursday to continue discussing a possible tax relief deal for businesses.</p><p>This is the second time the leaders have met this week to talk about ways to keep companies in Illinois, coming after Sears and CME Group threatened to move out of the state in response to the corporate tax increase that went into effect at the beginning of the year. Quinn met with state House and Senate leaders for two hours on Tuesday, after which Senate Republican leader Christine Radogno of Lemont said they made progress on a bill to create tax breaks for businesses. On Wednesday, the governor said he wanted to use the talks to evaluate the current tax code.</p><p>"I think what we need to do is use the occasion to take a look at the Illinois tax code, which is complicated," said Quinn. "And if we can make it fairer to the everyday citizen and to our employers, I'm very interested in that."</p><p>Quinn said new revenues could be found if the tax code is re-evaluated. He said he also suggested to lawmakers expanding the earned income tax credit, a federal refund for low-income workers.</p><p>The governor says he wants a broader tax relief package rather than one aimed specifically at businesses. Quinn hopes to craft a deal with lawmakers to be introduced in the second week of the veto session, which begins on Nov. 8.</p></p> Wed, 02 Nov 2011 20:29:00 -0500 http://www.wbez.org/story/quinn-meet-again-lawmakers-tax-relief-package-93708 Indiana governor disputes report on persuading CME Group to move http://www.wbez.org/story/indiana-governor-disputes-report-persuading-cme-group-move-92694 <p><p>Ind. Gov. Mitch Daniels is disputing a report that his office is luring a Chicago-based company across the state border.</p><p><a href="http://www.chicagobusiness.com/section/blogs?blogID=greg-hinz&amp;plckController=Blog&amp;plckBlogPage=BlogViewPost&amp;uid=1daca073-2eab-468e-9f19-ec177090a35c&amp;plckPostId=Blog:1daca073-2eab-468e-9f19-ec177090a35cPost:0ce755b6-5287-4a57-b854-3eac617ba6b9&amp;plckScript=blogScript&amp;plckElementId=blogDest">Crain's Chicago Business reports</a> the Republican governor is offering the CME Group $150 million to move its headquarters to Indiana.</p><p>Daniels would not comment on his efforts to move the CME Group, but he denies the information came from his office.</p><p>"Anybody who might be looking at bringing jobs to our state, we respect their confidence and it would hurt our chances if we ever spoke openly before an agreement was reached," Daniels told WBEZ by phone on Friday.</p><p>Indiana has been advertising in Illinois to try to persuade businesses to move after Illinois raised the personal income and corporate tax earlier this year.</p></p> Fri, 30 Sep 2011 20:17:00 -0500 http://www.wbez.org/story/indiana-governor-disputes-report-persuading-cme-group-move-92694 Archer Daniels Midland 4Q profit falls on taxes http://www.wbez.org/story/archer-daniels-midland-4q-profit-falls-taxes-89978 <img typeof="foaf:Image" src="http://llnw.wbez.org/story/photo/2011-August/2011-08-02/AP070501022217.jpg" alt="" /><p><p>Agribusiness conglomerate Archer Daniels Midland&nbsp;says its fiscal fourth-quarter earnings fell 15 percent as a higher&nbsp;tax rate offset surging revenue.&nbsp;</p><p>The Decatur, Ill., company said Tuesday it earned $381 million,&nbsp;or 58 cents per share. That compares with $446 million or 69 cents&nbsp;per share in the second quarter of 2010.</p><p>Revenue leaped 46 percent to $22.87 billion from $15.7 billion.&nbsp;&nbsp; &nbsp;</p><p>The results may surprise Wall Street. Analysts expected a profit&nbsp;of 85 cents per share on revenue of $19.55 billion, according to&nbsp;FactSet.</p><p>Archer Daniels Midland Co. says its taxes more than tripled to&nbsp;$385 million. That was due to some one-time items and changes in&nbsp;the company's geographic focus. That more than offset an $89&nbsp;million increase in operating profit.</p></p> Tue, 02 Aug 2011 15:52:00 -0500 http://www.wbez.org/story/archer-daniels-midland-4q-profit-falls-taxes-89978 Business groups complain about Illinois taxes http://www.wbez.org/story/business-groups-complain-about-illinois-taxes-89358 <img typeof="foaf:Image" src="http://llnw.wbez.org/story/photo/2011-July/2011-07-19/AP090129061371.jpg" alt="" /><p><p>Business groups are complaining to lawmakers about taxes in Illinois.</p><div><p>The first in a series of hearings on the state's tax structure was held Tuesday in Chicago.</p><p>Senate President John Cullerton and House Speaker Michael Madigan called for the hearings after major companies, including Caterpillar and the CME Group, said they might consider leaving the state over taxes and the business climate.</p><p>Business groups say they're optimistic something will come out of the hearings, which will be held around the state.</p><p>One outcome they're looking for is a reduction in the state's corporate tax rate, which was recently raised to 7 percent.</p><p>Business groups also say they want other tax credits and incentives expanded.</p><p>&nbsp;</p></div></p> Tue, 19 Jul 2011 18:17:00 -0500 http://www.wbez.org/story/business-groups-complain-about-illinois-taxes-89358 United Airlines to bring 1,300 new jobs to Chicago http://www.wbez.org/story/united-airlines-bring-1300-new-jobs-chicago-87708 <img typeof="foaf:Image" src="http://llnw.wbez.org/story/photo/2011-June/2011-06-10/United 2.JPG" alt="" /><p><p>United Airlines announced Friday that the company is bringing 1,300 new jobs to Chicago. That caps off a topsy turvy week for Chicago business.</p><p>Chicago Mayor Rahm Emanuel says this United Airlines news is just the beginning. "There will be more companies that are investing in their operations here and important in investing in the city of Chicago because of their confidence in the decisions we're making," he said.</p><p>But the Chicago Mercantile Exchange and the Chicago Board Options Exchange are threatening to leave the state. They say high taxes in Illinois could force them to move. In January the corporate tax rate went from 4.8% to 7%.</p><p>But Illinois Governor Pat Quinn said yesterday he won't tolerate corporate shakedowns for tax incentives. Quinn drove the point home saying, "I don't think anybody likes paying taxes, but that's the price of having a democracy. We have to have good schools, we need our men and women out there in the streets protecting us from any roaming bands of thugs."</p><p>In Illinois, the CBOE and CME have more than 2,500 employees.</p></p> Fri, 10 Jun 2011 19:00:00 -0500 http://www.wbez.org/story/united-airlines-bring-1300-new-jobs-chicago-87708 Daley criticizes tax increase, says businesses could leave Illinois http://www.wbez.org/story/corporate-tax/daley-criticizes-tax-increase-says-businesses-could-leave-illinois <img typeof="foaf:Image" src="http://llnw.wbez.org/IMG_6784.JPG" alt="" /><p><p>Chicago Mayor Richard Daley is criticizing Illinois Democrats for approving tax increases. The state legislature passed a bill raising the personal income tax and a tax on businesses. Daley says the governors from neighboring states, like Wisconsin and Indiana, could persuade businesses to relocate, costing Illinois jobs.</p><p>&quot;Businesses don't have press conferences like this and announce they're moving 50 people out, 60 people out, 70 people,&quot;&nbsp;he said. &quot;They're very smart. They just do it because they don't want the flack from you and the criticism.&quot;</p><p>Daley said the state needs to cut the budget to make the tax increases work.</p></p> Wed, 12 Jan 2011 19:25:00 -0600 http://www.wbez.org/story/corporate-tax/daley-criticizes-tax-increase-says-businesses-could-leave-illinois