February 11, 2009— Issue 6

The committee portion of the legislative session fully began this week with organizational meetings and consideration of bills. 

Of note, on Wednesday, February 11, the Senate passed HB 308, which is a bill to provide Governor Pat Quinn an additional month to provide his budget address—the date of the budget address would be moved from February 18 to March 18.  The bill still requires the Governor’s signature.  HB 308 may be accessed at the following link:  click here.

96^th General Assembly Bill Synopses

Following are synopses of bills of potential interest to TFI members on which action was taken this week:

·        SB 81 (Senator Michael Bond)—Tuition Savings Refund Addition Modification:  SB 81 provides that, for 2009 and going forward, where there has been a nonqualified withdrawal or refund from a Section 529 tuition savings program not resulting from the beneficiary’s death or disability, the amount of the contribution component of the nonqualified withdrawal or refund previously deducted from base income must be added back.  On February 11, SB 81 passed the Senate Revenue Committee.  TFI supports the bill.  SB 81 may be accessed at the following link:  click here. 

·         SB 89 (Senator Gary Dahl)—Property Tax Settlements in a County with a Petrochemical Facility:  SB 89 allows for a real property tax assessment settlement agreement in a county with less than 1 million inhabitants that contains a petrochemical facility—the bill could prove helpful in an ongoing litigation situation in Grundy County.  Current law only allows for such a settlement agreement in a county with less than 1 million inhabitants that contains either a power generating or automotive manufacturing facility.  On February 11, SB 89 passed the Senate Revenue Committee.  TFI supports the bill.  SB 89 may be accessed at the following link:  click here.

Federal Stimulus Package

On February 10, the U.S. Senate voted 61-37 to pass President Barack Obama’s federal stimulus package.  The bill is now being discussed in a conference committee.  The intention is to send a bill to the President by President’s Day, which is Monday, February 16.  Information regarding the stimulus package may be accessed at the following link:  click here.

Recently Released Information

The Tax Foundation has released a Special Report entitled, “State Budget Shortfalls Present a Tax Reform Opportunity,” as well as comparative information on sales, gasoline, cigarette, and alcohol taxes amongst the various states.  The Special Report and comparative information may be accessed at the following links:

• Special Report:  click here;
• Tax Table:  click here; and
• Cigarette Tax Map:  click here.

And Finally . . .

Tomorrow, February 12, is the 200^th anniversary of 16^th U.S. President Abraham Lincoln’s birth.