Illinois Enacts Tax Increase and New York-Style Nexus LegislationJohn B. Palmer
CHICAGO (CBS)-- The halfway point of the calendar year has arrived, and new laws have gone into effect in Illinois—including ajump in the state gasoline taxthat every driver will feel. The tax is up just 2 cents compared with Sunday. But it is quite a jump compared with the Illinois...
Today, we have more bad news for the Prairie State. A major investment fund, Citadel, also has decided to leave Illinois. Is the company moving to a different high-tax state, perhaps California or New York? Maybe Connecticut or New Jersey? Nope. Citadel is going to Florida, a state famo...
Connecticut Looks To Tax Increases To Close Budget Gap.Bucking a national trend to close state budget holes with little or no increase in taxes, Connecticut’s newly elected Gov. Dan Malloy called on the state’s General Assembly to boost a broad range of tax levies. Malloy, a Democrat, pr...
extending the state’s net operating loss cap for three more years, with an increase of the cap from $100,000 to $500,000; capping the sales tax vendor discount (1.75% of sales/use tax collected) at $1,000 per month; increasing the franchise tax exemption to $10,000 next year; and...
Starting July 1, 2024, Illinois will implement a bracket system, where the sports wagering tax will be based on various gross receipts ranges, or brackets. The applicable rates, ranging from 20% to 40%, increase corresponding with the range of adjusted gross receipts with a maximum 40% rate...
The University of Illinois stood out from most of the state's other public institutions because it was able to increase enrollment during the budget standoff. Still, it has shed staff members and reported an uptick in the number of faculty members leaving its flagship campus. ...
The measure asks voters to authorize the City Council to increase the real estate transfer tax on the sales of properties for $1 million or more in Chicago, while lowering the tax rate for less expensive properties: Read More Four candidates vying to replace Kim Foxx as Cook County State's...
Illinois has introduced new employment laws, including job posting disclosure obligations, expanded leave benefits and pre-tax commuter benefits. Protections for temporary workers and freelancers have been implemented to ensure they benefit from state labor laws. ...
Louis. In addition to lower home prices, South Carolina also collects fewer tax dollars per resident than all but seven states, according to a Tax Foundation analysis of state tax revenues. Lower taxes and home prices mean more money in residents' pockets, lowering the overall cost of living....