Chamber Board Approves 2014 Legislative Agenda
The Chicagoland Chamber of Commerce’s Board of Directors voted to approve the 2014 Legislative Agenda. The legislative agenda includes the major policy priorities and positions at the municipal, state and federal levels of government.
Some of the highlights in the 2014 Legislative Agenda includes continued advocacy efforts to pass municipal employee pension reform with an added focus on the City of Chicago's pension systems; oppose efforts to increase the state’s minimum wage and maintain the current “tip credit” provision; oppose the extension of the income tax increase and a progressive tax; support efforts to reform the process for establishing legislative districts; and support efforts to improve the state’s tax incentive and credit programs.
The Chamber will also continue to push for reforms of the business licensing and permitting process in the City of Chicago as well as passage of a taxpayer's bill of rights in Cook County.
Click here to view a copy of the 2014 Legislative Agenda.
Speaker Madigan Proposes Cut to Corporate Income Tax
On Thursday, Illinois House Speaker Michael Madigan introduced a proposal to cut the state's corporate income tax. House Bill 4479 would reduce the state's tax rate on corporate profits to 3.5 percent. The current rate is 7 percent which is scheduled to be reduced to 5.25 percent when the income tax increase approved in 2011 expires at the end of the year.
The Chamber is supportive of the idea to cut corporate taxes as a way to make Illinois more competitive with surrounding states. Under the Speaker's proposal, Illinois effective rate when combined with the personal property replacement tax would be 6 percent, giving Illinois the lowest corporate tax rate in the region lower than Indiana's 8 percent, Wisconsin's 7.9 percent and Missouri's 6.25 percent.
The Chamber looks forward to working with the Illinois General Assembly during the spring session to pass changes to the state's tax and business incentive policies to create a business environment that will foster growth and job creation.
Governor Calls for Minimum Wage Increase in State of State Address
On Wednesday, Governor Pat Quinn delivered the annual Governor's State of the State address to a joint meeting of the Illinois House and Senate. Governor Quinn laid out his policy priorities for the 2014 legislative session that included a continued push of a proposal introduced in 2013 to raise the state's minimum wage to $10 an hour.
The Chamber opposes legislation to increase Illinois' minimum wage. Illinois currently has the highest minimum wage rate in the region and the sixth highest in the nation. Increasing the minimum wage now will hurt the state's competitive position with other states at a time when Illinois' unemployment rate is ranked 48th in the nation at 8.7 percent.
During the speech, the Governor also called for the creation of a Small Business Advocate to examine existing policies and proposals for their impact on the state's small businesses, reducing the LLC fee from $500 to $39, and mandating that employers provide all employees at least two earned sick days.
Upcoming Public Policy Events
Chamber Logistics & Mobility Forum Meeting
Chamber members are welcome to attend a luncheon meeting of the Logistics & Mobility Forum.
Guest speakers include:
Donald Orseno, Interim Chief Executive Officer, Metra
Christopher Bushell, Chief Infrastructure Officer/Senior Vice President, CTA
Carole Morey, Chief Planning Officer, CTA
Time and Date:
Friday, February 14, 2014
11:30 AM - 1:00 PM
Chicagoland Chamber of Commerce
The Wrigley Building
410 N. Michigan Ave, Ste. 900