News

Lawmakers Question Illinois’ Corporate Tax Breaks

Lawmakers Question Illinois’ Corporate Tax Breaks

Photo: Newsradio WTAX

Illinois lawmakers are questioning the effectiveness of the state’s system for giving tax breaks to corporations.

Legislators held the first of several hearings on the issue Friday in Chicago.

Dan Long is executive director of the Commission on Government Forecasting and Accountability. He tells legislators Illinois businesses benefited from about $1.5 billion in tax breaks in 2012.

Yet lawmakers note Illinois has one of the highest unemployment rates in the nation.

Republican state Rep. David McSweeney says “What is clear is what we’re doing isn’t working.”

But Connie Beard of the Illinois Chamber of Commerce calls the state’s main incentive program a “very valuable tool” for attracting and keeping business.

The hearings could lead to legislation to change the state’s incentive programs during the General Assembly’s spring session.

Recent Headlines

1 hour ago in Entertainment

‘Angry Birds,’ apps to go hand-in-hand at the movies

Fresh
21-overlay-15

Creators of the upcoming "The Angry Birds Movie" movie will ask audiences to whip out their phones during the end credits and point them at the screen.

3 hours ago in Entertainment

‘Fast & Furious 8’ revs up for historic Cuba shoot

Updated
FastCuba575123770627

Director F. Gary Gray has turned the key on the "Fast 8" production in Havana, making movie history by becoming the first filmmaker to shoot a major Hollywood project in Cuba in over 50 years.

5 hours ago in Entertainment

Sylvester Stallone starring in TV adaptation of ‘Omerta’

stallone95828264444

The "Rocky" star will play mob boss Raymonde Aprile in the series inspired by "The Godfather" author Mario Puzo's book.