A major business tax cut has been proposed… by Democratic House Speaker Mike Madigan.
The state imposes two major taxes on corporations. Madigan’s plan would cut one of them in half, but leave the other one in place.
The result would be to shrink the state’s corporate tax bite from 9.5 percent down to 6 percent. The move would save businesses $1.5 billion a year.
A Madigan spokesman says the hope is to generate enough new business activity to make up for that big hit to the state’s revenues.