Businesses protest closing tax loopholes

Published 04/04 2013 06:04PM

Updated 04/05 2013 10:58AM

SPRINGFIELD -- Governor Quinn is getting some heat for his plan to help pay off Illinois' old bills. He wants to close tax loopholes to bring in more money, but big companies aren't happy.

They say they know debt is the problem, but they also say it's not their fault and don't want what they're calling Quinn's "tax increases." Quinn says changing certain corporate taxes will save Illinois almost half-a-billion dollars each year.

That's money which could go toward slowly paying down our $9-billion debt. But, big companies like ADM and Caterpillar argue taking money from them will only hurt the economy more. It could mean layoffs or force some companies to move out of state.

Other groups, like healthcare providers and child services, are all for the plan. They hope the extra money would mean getting paid on time and not having essential services cut.

All of it is still in the works. It's just one part of the governor's budget plan to get Illinois moving back in the right direction. Lawmakers have until June to figure it all out.

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