SPRINGFIELD -- Illinois lawmakers announced today they will hold hearings to review the state’s business tax structure, giving companies threatening to leave the state a forum to vent about this year’s tax hike.
Senate President John Cullerton and House Speaker Michael Madigan said the two chambers’ revenue committees will work together to hear ideas from numerous business-oriented groups, ranging from the Illinois Chamber of Commerce to the Civic Committee of The Commercial Club of Chicago.
Their announcement comes in the wake of the Chicago Mercantile Exchange, Chicago Board of Trade, Sears Holdings and Peoria-based Caterpillar Inc. complaining that business climates in other states made moving jobs out of Illinois an option. They started sounding the warning bells when Gov. Pat Quinn, Madigan and Cullerton pushed personal and business tax increases into law with Democrat-only support in January.
“I see this as a timely opportunity for critics and advocates alike to participate in the process and offer their views on what the state’s business policies should be,” Madigan said in a statement.
Cullerton also said state lawmakers “need to take a holistic approach to business taxes as opposed to the continued piecemeal policies that often pit one business against another.”
The leaders set no date for hearings and did not provide a timetable for any proposals.