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July 25, 2014, 6:05 pm
970 WMAY News

Madigan Proposes Corporate Tax Cut


Illinois corporations could see a sharp decrease in income taxes under a proposal from House Speaker Mike Madigan. 

 

Madigan has introduced legislation to cut the corporate income tax rate in half, effective retroactively back to January 1st.  Dropping that rate from 7 down to 3.5 percent will save businesses $1.5 billion a year, according to Madigan’s office. 

 

A second corporate tax would remain intact, for a total corporate tax rate of six-percent if Madigan’s plan is approved.  That’s lower than most surrounding states, and Madigan says that should help Illinois attract and retain businesses.

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