Illinois GOP Proposes Cutting Corporate Tax Rate

Illinois Republicans released a plan Monday they say would help the state economy.

Chris Slaby reports.

House Republicans want to reduce the income tax rate corporations pay, back to the level it was at before an increase took effect more than two years ago.

Flanked by business groups, Representative Dwight Kay of Glen Carbon says companies could use the savings to create more jobs.

KAY: “This is a case where we’re going to get that money back through additional revenues if you put people back to work.”

A budget forecasting arm of the state legislature estimates such a move would cost the state nearly $500 million in revenue.

Kay also proposes reducing the cost to start a small business in Illinois by at least half. Forming a Limited Liability Company, or LLC, costs $750.

Border states like Missouri and Iowa charge as little as $50.

The House GOP also wants new standards for workers’ compensation claims.

—Chris Slaby

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