February 12, 2010—Issue 4

Bill Introduction Deadline Passes

Thursday marked the deadline for bill introductions in both the House and Senate.  TFI is busy combing through hundreds of bills at this time and will bring you updates on those of utmost concern in the coming weeks. But the following one is of particular interest.

Legislation to Repeal Single Sales Factor Introduced in Senate

SB 3257 was introduced this week by State Senator Martin Sandoval (D- Chicago) to repeal the Single Sales Factor in apportioning income for multi-state businesses.  The measure would revert Illinois to the Double Weighted Sales Factor.  TFI staff will reach out to Senator Sandoval next week to discuss the study authored by Paul Bogdanski and Mikal Rabanus of Grant Thornton published in our January 2008 Edition of Tax Facts.   SB 3257 may be accessed at the following link:  click here

HB 4654 – Revision of “Free Rides for Seniors” Program

The House Mass Transit Committee passed HB 4654, sponsored by State Rep. Suzie Bassi (R- Palatine), that would apply a means tested approach for transit subsidies.  This measure addresses action taken by former Governor Rod Blagojevich in the creation of his costly “Free Rides for Seniors” program.  Under Governor Blagojevich’s program, all seniors age 65 and older were granted free mass transit services regardless of income level.   This program has cost statewide transit agencies millions of dollars in lost revenue.  TFI supports HB 4654.  HB 4654 may be accessed at the following link:  click here

Governor’s Annual Budget Address Pushed Back

Under HB 2240, passed this week by both the House and Senate, Governor Quinn will now give his annual budget address on Wednesday March 10^th instead of the traditional third Wednesday in February.  The delay will give the Governor additional time to compile his budget plan but the bill also requires the Governor to present web access to his budget projections by February 24^th which will allow a public comment period on the budget before the formal presentation.

House Revenue Committee Meets

The House Revenue Committee met briefly this week and all assigned bills were sent to subcommittee for hearings at a later date.  The Senate Revenue Committee did not meet this week.

Spring Legislative Conference

House Majority Leader Barbara Flynn Currie will be our dinner speaker at our Spring Legislative Conference on March 16^th.  We have invited the campaigns for each of the candidates for Governor to present their views on the fiscal challenges facing our state at the morning Legislative Update Session on March 17^th.  The conference will be at the Inn at 835 in Springfield.

Other Recently Released Information

COGFA has released their January 2010 Report on the Financial Condition of the Chicago, Cook County and Illinois Municipal Retirement Fund Systems.  The Report can be accessed at the following link: click here