News

Topinka Wants Lawmakers to Decide Income Tax Question Sooner, Not Later

Topinka Wants Lawmakers to Decide Income Tax Question Sooner, Not Later

Illinois Comptroller Judy Baar Topinka says the General Assembly should decide whether to keep the state’s temporary income tax increase sooner rather than later.

Topinka says she’s in favor of letting the hike expire at the end of 2014, but warns that the state has to do something about the $5 billion in lost revenue.

“I’m also practical enough to know that it will leave a horrendous hole,” Topinka said. “Before it expires, I want to know what you intend to do with the hole.”

The important part, according to Topinka, is not waiting until the end of the year to decide whether to extend the tax, make it permanent, or allow it to lapse. If the hike doesn’t expire, Topinka hopes the money would be used to pay some of the state’s $7.6 billion in overdue bills, though she admits that’s wishful thinking.

“We’ve gone down that road before and it was a very short road,” Topinka said.

If the increase does expire, the personal income tax rate will fall to 3.75 percent.

 

Recent Headlines

in Election 2014, Local

November Ballot: Many More Referendums And Constitutional Amendments

ballot

Voters will be answering many more referendums and constitutional amendments on their ballot this November.

in Local

Illinois Hospital Association: “Vigilantly Preparing” For Ebola

Health

The President of the Illinois Hospital Association says they're working closely with Public Health to prepare for Ebola.

in Election 2014, Local

Chicago Sun-Times endorses Bruce Rauner

Chicago Sun Times

The Chicago Sun-Times has endorsed Republican Gubernatorial Candidate Bruce Rauner over Incumbent Pat Quinn.

in Local

Secretary Of State: Graduated Driver’s License Drops Teen Driving Deaths

jesse_white

Secretary of State Jesse White says implementation of the "Graduated Driver's License" has reduced teen deaths.

in Local

Bill Clinton Expected to Stump in Illinois Next Week

Clinton Quinn

Quinn says event will be in Chicago.