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NewsMarch 16, 2008

Illinois lawmakers are pushing dozens of ideas to cut taxes for people and businesses this year, but a tight state budget will doom the majority of them. Here is a look at some of the ideas that have been considered. All of the measures can be found at www.ilga.gov:...

Illinois lawmakers are pushing dozens of ideas to cut taxes for people and businesses this year, but a tight state budget will doom the majority of them. Here is a look at some of the ideas that have been considered. All of the measures can be found at www.ilga.gov:

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  • House Bill 172 provides a sales tax break on hybrid vehicle purchases.
  • HB608 creates a $500 income tax credit for hybrid or flexible fuel vehicle buyers.
  • HB1353 creates a tax credit for accredited theater productions.
  • HB3521 gives small businesses tax credits for ensuring employees have health insurance.
  • HB4388 offers tax credits to businesses that hire new employees.
  • HB4760 lets veterans take an income tax deduction for five years following discharge.
  • HB5593 allows senior citizens to take an income tax deduction for unreimbursed money spent on home health services.
  • Senate Bill 2015 offers tax credits for developing new business markets.
  • SB2072 extends a property tax freeze to disabled people.
  • SB2282 creates income tax deduction for expenses related to adopting a child.
  • SB2892 creates a sales tax holiday in August for school supplies.
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