The Chicagoland Chamber of Commerce testified at a joint hearing of the Illinois House Revenue & Finance and State Government Administration Committees on Thursday, February 27th on Illinois business tax incentive policies.
Jim Kane, principal owner of Kane & Co. and Chairman of the Chamber’s Taxation Forum, shared his thoughts on the strengths and weaknesses of Illinois’ tax structure, what can be done to improve it, and how we can attract more business to Illinois.
“This morning’s hearing is an important discussion about the state’s tax structure and the tools available to the state’s Department of Commerce and Economic Opportunity to help retain and attract businesses to Illinois,” Kane said. “The Chamber believes that the discussion needs
to focus on how many jobs do we need to create, and how are we going to undertake this mission of job creation.”
Kane said that while the state’s tax structure is competitive in some ways, we are still losing the battle for jobs. He went on to suggest several changes that could have a positive impact on job creation in Illinois including the creation of a closing fund, ability to refund the EDGE credit, elimination of the Illinois Franchise Tax and the Sales Throwback Rule, creation of a Payment in Lieu of Tax program, and enhanced job training funds.
Kane's testimony was well received and he was the only witness who had “real world” experience working with companies that seek tax incentives in other states as well as Illinois.
The Chicagoland Chamber will continue to participate in this important process to position the Chicago region as the best place to start, expand and operate a business in the country.
Click here to view Kane’s full testimony.