Among some of the Illinois big businesses looking into seeking new stomping grounds, Sears has jumped on the bandwagon. Unhappy with the tax increase, Sears has been courted by several states regarding the relocation of their headquarters. more ›

Although no big businesses have left our dear state of Illinois quite yet, that all might change in the near future. Heavy machinery giant Caterpillar, Inc. has been thinking about uprooting from its headquarters in Peoria, Illinois and seeking a home base elsewhere. more ›

After making a big fuss over coming to Illinois to talk to businesses and to try to get them to relocate to the Garden State, New Jersey governor Chris Christie has indicated that the war between him and Pat Quinn isn't quite over. more ›

The expected personal income tax increase that Gov. Quinn proposed earlier this year was supposed to be increased from three percent to four percent. But it could actually increase to five percent budget director David Vaught said today: “We’re going to pass a tax increase in January,” Vaught said. “We expect it is going to be substantial.” Meanwhile, Quinn is also taking a hit in the polls which show GOP candidate Bill Brady with a lead. [via ChuffPo] more ›

We're less than 12 hours from the deadline to pass a budget that won't completely mess with the state's finances and it seems we're no closer to having a solution than we were before. Last night, the House approved a plan to borrow $2.2 billion to help soften the blow of the expected cuts, but Gov. Quinn isn't too happy about it and, though it still has to pass the Senate, he seems hell-bent on making sure a tax increase is somehow passed. Without saying he'd veto it, Quinn did say, according to the Tribune, "If they throw that my way tonight, they will see it thrown right back at 'em. For those who might be advocating things in the budget that are unfair, are not humane, or indecent, I'm not going down that road." more ›

Still reeling from the spike in parking meter fees and where that money's going? Rest assured, the price to park in a Chicago garage daily is up only $1 from last year, according to a new parking rate survey released this week. more ›

Last week, we mentioned the potential boost in sales tax for booze and possibly video poker machines. Clout Street takes a look at the State Senate's current plan, still under construction. But those aren't the only taxes being examined; also being explored are increases in drivers license fees, candy tax, and selling lottery tickets online. That's all well and good, but the moment they tax Fruit Roll-Ups, it's on. more ›

As state lawmakers began to contemplate the hard decisions they faced with the governor's new budget proposal, Illinois Senate President John Cullerton indicated he was willing to entertain an approach that has been used during previous economic downturns: a temporary state income tax hike. Twice in the 1980s Governor Jim Thompson signed temporary tax increases into law, although the second increase, passed in 1989, became permanent under Governor Jim Edgar. "So that's something which could be suggested, if people were actually willing to vote for it, if that's the condition that helps get the 30 votes we need to pass it too," Cullerton told the Tribune, referring to the number of votes needed to pass the state senate. more ›

Facing a state budget deficit estimated at up to $9 billion, lawmakers say a state income tax increase is fast becoming one of their best debt-reducing options. Gov. Quinn has not said definitively if he will introduce an income tax hike, but one House Democrat told the Tribune the governor is considering raising the flat tax on all individuals’ gross personal incomes from 3 percent to 4 percent. A related hike in the corporate income tax -- which is also currently fixed at 3 percent -- could jump to as much as 4.8 percent, the source said. Both the corporate and personal income tax rate has not changed since being set in 1989. more ›