2019 General Assembly Review

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2019 General Assembly Review

The begin of June brought the end of the Spring General Assembly session and a fury of activity as it relates to the business community. Thanks to the Illinois Economic Development Association, the SBA is able to provide a snapshot of some of the new policies that can benefit and impact businesses:

  • Blue Collar Jobs Act - Beginning January 1, 2021, four new (or expanded) income tax credits. For the purposes of these credits:
    • Underserved areas refer to a geographic area that meets any of the following conditions [pg170]: 
      • 20% poverty rate
      • 75% of children in federal free lunch program
      • 20% of households receive Supplemental Nutrition Assistance Program (SNAP)
    • Average Unemployment rate is more than 120% of the national average The total aggregate amount of credits awarded under the Blue-Collar Jobs Act shall not exceed $20,000,000 in any State fiscal year. Eligible projects include building a structure/building or making improvements to real property, undertaken and commissioned by an eligible business. This does not include the routine operation, repair, or maintenance of existing structures, buildings, or real property. A credit may not reduce the taxpayer’s liability to less than zero. If the amount of the credit exceeds the taxpayer’s liability, the excess may be carried forward and applied against succeeding years
  • Leveling the Playing Field for Illinois Retail - After the Wayfair v South Dakota decision, Illinois can now require that remote retailers (Amazon, Ebay, Facebook, etc) collect State and local Retailers’ Occupation Tax (ROT) rather than use tax. The Illinois Retail Merchants Association states (more information here) that Illinois would raise $460 million annually, with $368 million to the state and $92 million to localities by formula, plus any additional ROT where applicable. IRMA states that local governments win with an increase in their tax share, and they get all of any locally-imposed ROT. Finally, there is no change in this matter for Illinois retailers or anyone with a warehouse or distribution center in Illinois.
  • Manufacturing Machinery & Equipment Credit - Manufacturing machinery and equipment exemption which includes production-related tangible personal property purchased on or after July 1, 2019. Adds to the definition of “production related tangible personal property” to include supplies & consumables used in a manufacturing facility including fuels, coolants, solvents, oils, lubricants, and adhesives, hand tools, protective apparel and fire and safety equipment used or consumed within a manufacturing facility. The maximum amount of the exemption may not exceed 5% of the price of the property. The aggregate amount for the exemption may not exceed 10 million.
  • Repeal of the Franchise Tax - The Illinois franchise tax is being phased out. New provisions in the Business Corporation Act exempt the first $X in liability “from the tax imposed under this Section” as follows:
    • 2020: $30
    • 2021: $1,000
    • 2022: $10,000
    • 2023: $100,000
    • 2024+: No Payment Due

For a more detailed analysis of the economic consequences of the Spring session please follow the link for the Daily Herald’s summary of the activity and impacts of the General Assembly in Springfield.

7 comments (Add your own)

1. James Harrison wrote:
Dear owner for schaumburgbusiness.com,

We came across your site and wanted to see are you considering selling your domain and website?

If you have considered it could you let us know by going to bigwidewebpro.com for additional info on what we would like to buy.

We would just have a few questions to help us make a proper offer for your site, look forward to hearing!

Thanks
James Harrison
bigwidewebpro.com

Oct, 26 @ 1:04 PM

2. Shannon Hardess wrote:
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Oct, 29 @ 10:28 AM

3. 카지노사이트 wrote:
On my own blog, the traffic’s a lot more relational and focused, so for now, I can afford to moderate comments on my own, as they come in. That does change through the life of a blog, but so far, it works for me!
“The ultimate meaning of my communication is in the response that the listener makes to it.”This is some good practical advice we’ll share.
카지노사이트

Feb, 16 @ 8:51 PM

4. 바카라사이트 wrote:
We have a guy in town here, who can take an untamed horse and be on its back without a saddle or bridle in an hour. He does it by watching what the horse does in response to the moves he makes. When the horse relaxes and shows enjoyment, he moves further in that direction.
Do you always treat the other person (and more importantly, yourself) as genuine individuals with a unique story to tell? Or are you trying to create some sort of a cyber assembly line?
바카라사이트

Feb, 16 @ 9:00 PM

5. 카지노 wrote:
The Internet is not a mass media but rather a collection of small intimate relationships, made much cheaper to conduct by the new technology.
Thanks James, that’s a very thought-provoking piece. I’ve tended to respond to comments when they arrive, but I hadn’t got around to encouraging them. I’ll give it a go.
카지노

Feb, 16 @ 9:05 PM

6. 바카라 wrote:
Great ARticle. Everyone loves more comments, responses and trackbacks. But to ask for them. Who would have thought.
Beautifully said. After reading this post and the ensuing discussion, I read through my blog. I really like it. I was planning on maybe editing some posts to not ask overly direct questions and others to leave them more open, 
바카라

Feb, 16 @ 9:09 PM

7. 카지노사이트 wrote:
but I really like them! They are an honest open reflection of who I was when I wrote each one. So it is like a living journal that also serves to expose more people to my artwork.
 I haven’t gotten many comments or subscribers, but hopefully people will eventually take a shine to it and find discussions they can start with me and other visitors.
카지노사이트

Feb, 16 @ 9:12 PM

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