The Illinois Policy Institute opposed eight bills and appeared in several committee meetings during the first week of veto session. Our policy team had crucial face time with legislators and discussed our positions on public policy that affects all Illinoisans. We also reached out to many members of the House Republican staff.
Here is an update on some of the legislation the Institute has been monitoring and actively discussing:
- On Wednesday, the Institute went on record in opposition of SB 0282, which passed the Senate 30-27 and was referred to the House Rules Committee. This bill would require any corporation with greater than 50 percent of its shares traded publicly to disclose its Illinois income tax payments. We expect to see a vote on SB 0282 in the House once veto session resumes next week. Already, there is talk that the passage of this bill could be used as a tool for increasing corporate tax rates. Passage of this bill would put an undue burden on Illinois’ businesses, disincentivize investment and job creation in the state, and worsen our already dismal tax climate.
- Another piece of legislation the Institute has opposed and is watching closely is HB 6240, which would authorize borrowing $4 billion to “pay down the state’s unpaid bills.” We expect legislators to vote on this bill next week. Illinois does need to pay down its bills, but not by borrowing more. As we have seen with the failure of the 2011 income tax hike, Illinois has a spending problem, not a revenue problem, and there is no guarantee that any of this money would go toward paying down the debt.
- Yesterday, Sen. Terry Link, D-Lincolnshire, filed a motion to override Gov. Pat Quinn’s veto of SB 3442, the Plastic Bag and Film Recycling Act; the motion failed as the Senate voted 24-23-2 to uphold the Gov.’s veto. This is a win for the Institute that we attribute to our vocal opposition to this onerous legislation.
Finally, the Senate Republicans’ closed-door leadership vote ultimately resulted in Senate Minority Leader Christine Radogno holding on to her seat.
For the remainder of veto session, we anticipate that action will only be taken on bills that have already been filed; however, the Institute’s Government Affairs team will continue to monitor and oppose any bills that impose new or higher taxes, inflict regulations on entrepreneurs and business owners, or propose do-nothing pension reform.
Next week will be the last time the Legislature meets before January’s special session commences. Our Government Affairs team and policy experts will be in Springfield again, testifying before committees, serving as a resource for legislators and their staffs and advancing our mission for economic freedom and prosperity in Illinois.