Illinois Looks to Loopholes for Capital Plan Revenue
Paying for portions of the state’s capital program may come down to closing loopholes, according to Gov. Pat Quinn.
Revenue from video gambling machines isn’t as high as the state projected, partly because it took time for the Gaming Board to adopt rules and gambling machine vendors to install the necessary infrastructure. Also, many communities have opted out of video gambling, contributing to the shortfall.
“The bill that was passed three years ago, there is a revenue shortfall,” Quinn said. “I think it’s probably more along the lines of a couple hundred million a year. We have to deal and address that. There are ways to do that by closing loopholes, and I think that’s something that we can do without burdening the public in any serious way.”
Without making up those revenues, Quinn says the state would be forced to stretch out the capital plan in the coming years. However, for next construction season, Quinn says the state is OK. “We have a pretty decent plan for the coming year, but we’ll have to stretch out the plan in years after next year,” Quinn said.
Quinn has advocated for the closure of corporate tax loopholes for years but says there are other loopholes being weighed by lawmakers that he would be willing to take a look at.
(posted 9:55 a.m. 12/15/2012 by Alex Degman)
Illinois Radio Network 2012