Hello.

Did you know EdGlenToday.com is free for you thanks to our awesome advertisers? We noticed you're using an ad block software. Help us spread the word and give our sponsors some exposure by disabling your ad blocking service for Riverbender.com.

EdGlenToday.com
Make Us Your Homepage! | Subscribe for FREE | Submissions
Login|Sign Up
Home Video News Sports Obits AP News Shop Local Classifieds Autos Real Estate Entertainment Directory Events

Sports

  • Local Sports News
  • Athlete of the Month
  • AP Sports News
  • High School Sports Video
  • Live Event Schedule

Video

  • Video
  • Live Schedule

News

  • Local News
  • Obituaries
  • Buzz Magazine
  • Veterans
  • Outdoors
  • State News
  • Photo Galleries
  • Birth Announcements
  • Gas Prices
  • Lottery Numbers

Classifieds

Create Ad
  • Announcements
  • Auctions
  • Autos
  • Boats
  • Child Care
  • Employment
  • Equipment
  • Estate Sale
  • Farm
  • Free
  • Garage Sales
  • General Merchandise
  • Health and Fitness
  • Hunting/Fishing
  • Lost & Found
  • Motorcycles
  • Personals
  • Pets/Animals
  • Real Estate
  • RVs
  • Volunteers
  • Wanted To Buy

Real Estate

  • Auction
  • Commercial for Lease
  • Commercial
  • Land
  • Multi-Family
  • Single Family
  • Open Houses
  • For Sale By Owner
  • New Construction
  • For Rent

Entertainment

  • Restaurant Guide
  • Movie Showtimes
  • Game Arcade
  • WiFi Hotspots
  • Recipes

Pritzker Labels Private School Scholarship Program 'Corporate Loophole'

By Greg Bishop - Illinois Radio Network
WBGZ Radio 2/22/21
Story by WBGZ Radio
back to Articles

dir="ltr">Groups impacted by what the governor calls “corporate loopholes” are speaking out against the proposals to end the programs.

To balance his proposed budget, Gov. J.B. Pritzker wants lawmakers to modify several programs.

One initiative the governor laid out was to reset the tax credit for private school scholarships at 40%. Pritzker’s budget documents listed that as a “corporate loophole.”

Click here for summary

“This is not a corporate loophole,” Catholic Conference of Illinois’ Zach Wichmann told WMAY. “Its allowed individuals to donate to a program, the only state program that’s serving low-income and working-class families’ kids, to allow them to choose whatever school they want, whatever school is best for them, and in the middle of this pandemic, honestly, the schools that have been in five days a week, everyday since August for in-person learning. It’s an important program that should be expanded, not restricted.

Pritzker’s proposals bring the state an estimated $14 million. While that may be a drop in the bucket of the overall state budget of nearly $42 billion, Wichmann said that will limit interest in the incentive and cost thousands of families the opportunity to find quality education.

There are nine so-called “loopholes” the governor wants to close for an impact of $930 million.

Illinois Retail Merchants’ Association President Rob Karr said the retail discount credit isn’t a loophole, it’s a partial reimbursement for stores collecting and remitting sales taxes to the state.

The governor’s proposal would cap that discount at $1,000 a month for an overall impact of $73 million.

Karr said the governor talks a lot about helping small businesses recover from the pandemic, “but on the other hand he ignores the additional cost that he’s put upon them, not just in his budget address, but for example two minimum wage increases brought upon them during this and. That is not insignificant.”

Another Pritzker proposal speeds up the expiration of biodiesel exemptions. The Illinois Fuel Retail Association said that would add around 20 cents to a gallon of diesel fuel.

“Ending this incentive would also be incredibly damaging to our vital agriculture community in Illinois and hurt my small business members at a time when it’s so easy for customers to drive across state lines to fill up their vehicles,” said IFRA CEO Josh Sharp.

Other proposed “loopholes” the governor laid out:

  • Capping corporate NOL deductions for a $314 million impact;

  • Align treatment of foreign-source dividends to treatment of domestic source dividends for $107 million impact;

  • End accelerated depreciation from former President Donald Trump’s Tax Cut and Jobs Act for an impact of $214 million;

  • Bring back the corporate franchise tax for an impact of $30 million;

  • Eliminate add-on income tax credits for construction jobs for a $16 million impact; and

  • Remove production-related tangible personal property from sales tax exemptions for an impact of $56 million.

Illinois Manufacturers' Association President Mark Denzler said all combined takes the state in the wrong direction.

“What we’ve seen in other states are tax reductions, less onerous regulations, increased liability protection,” Denzler said. “Illinois is going in the other direction with higher taxes, more regulations and no protection.”

Lawmakers must approve each of the nine proposed tax credit changes to balance the governor’s proposed budget.

(Copyright WBGZ Radio / www.AltonDailyNews.com)

Recent News Stories

Football Team Coming to Alton

Nine Felonies for Alton Man in Drug Bust

Marquette Returns to 5 Day a Week In Person

Alton Schools to Return to Full In-Person Learning

Trinity Catholic High in STL County to Close

Cope Plastics Marks 75 Years

YWCA To Sponsor Talk on Implicit Bias

Farm Groups Applaud Ruling in Biofuels Lawsuit

Pritzker Defends Need for Federal Aid

Mass Vaccinations Continue in Madison County

One Arrested in Drug Investigation

RFM Receives Big Rebuild Illinois Grant

Pritzker Still Not Clear on Fuller Reopening

Month Pay for Three Days

Former Jamestown Mall May Have Buyer

Collinsville Restaurant Week Starts Today

Candidate Forums Next Month

Thieves Hit Cars in Bethalto Again

New Dialing Procedures for 217 Area Code

This is Grain Bin Safety Week

Subscribe for FREE today.
Get breaking news, sports, obits, shop local deals, weather forecasts, classifieds, video and more delivered directly to your email inbox.

We want to hear from you. Provide your thoughts and comments below.

Follow Us

Home | Videos | Local News | AP News | Sports | Classifieds | Autos | Real Estate | Entertainment | Directory | Birth Announcements | Events | LIVE Schedule | Articles | Weather | Obituaries | Gas Prices | Open Houses | Restaurant Guide | Games | Photo Galleries | WIFI Hotspots | Parks | Recipes

200 W. Third Street | Alton, IL 62002
Suite 200
618.465.9850
HOME |  Advertise With Us |  Job Opportunities |  Our Partners |  Web Design Services |  Contact US |  RSS Feeds |  Privacy Policy
© Copyright 2005-2021 RiverBender.com. All rights reserved.
Serving the areas of Edwardsville, Glen Carbon, Maryville and the surrounding cities.