Illinois
Bears release statement as Illinois legislators take major step toward stadium bill
The Chicago Bears released a statement on Wednesday after Illinois legislators took a step forward with keeping the team in the state.
Shortly after the bill passed out of a House committee 15-5 and then was passed again by the full House, the Bears said the bill is not enough for them.
“We welcome the progress made on the House’s version of the mega project bill; however, additional amendments are necessary to make the Arlington Heights site feasible for our stadium project. We support Illinois leaders as they determine the path forward to making the essential changes to the mega project bill and aligning on infrastructure funding,” the team said in a statement.
The vote on Wednesday came after lawmakers spent weeks working to address concerns and criticism that the bill provided incentives to the team to leave Chicago and surrounding potential revenue shortfalls to area schools if the stadium is built in Arlington Heights.
Despite the team’s dissatisfaction, the megaprojects bill, which would allow the Bears to negotiate property tax payments directly with the Village of Arlington Heights, is headed now to the Senate.
A key piece of legislation designed to keep the Chicago Bears’ stadium project in Illinois is being weighed, and Rose Schmidt has details on what’s in it.
That said, the bill’s lead Senate sponsor State Sen. Bill Cunningham told NBC Chicago’s Mary Ann Ahern that legislators “feel no pressure to take a vote next week” when the Senate returns on Tuesday.
“We will work this bill like any other bill,” Cunningham said.
Though the team is not satisfied with the deal, it seems Illinois Governor Pritzker is.
“Governor Pritzker has been clear and consistent for years that the Bears should remain in Illinois, and that any legislation needs to protect taxpayers. Throughout the past few months, the Governor’s Office brought team leadership, local officials, and legislative partners to the table to craft a deal around public infrastructure improvements, property tax fairness, and affordability measures. Today is an important step, and the Governor’s Office looks forward to working with the Illinois General Assembly to advance a bill that reflects our shared priorities,” Pritzker’s office said in a statement on Wednesday.
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Combined state and federal taxes would take more than 50% of the top-end income for 22,000 Illinois small businesses.
Proposals in the Illinois General Assembly could slam massive tax hikes onto small businesses, the state’s primary job creator historically and in the recovery from the COVID-19 downturn.
One measure would punish 22,020 Illinois small businesses with a huge increase in their marginal state income tax rate and create a top tax rate of nearly 50.3% for them, once all state and federal income taxes are factored in.
S-corporations and partnerships, which “pass-through” their business income to their owners, who pay taxes as individuals, would see their top marginal state income tax rate jump from 4.95% to 7.95%, a 61% hike.
That would happen because the legislation, House Joint Resolution Constitutional Amendment 21, adds a 3% income tax on income above $1 million. It is scheduled for a hearing April 23 at which it could pass out of committee and go to a potential full House vote.
Research has shown that an increase in the top marginal tax rate is associated with a decrease in entrepreneurs’ hiring activity and lower wages for their employees.
Illinois has one of the highest unemployment rates in the nation and among the slowest wage growth. These are exacerbated by some of the highest state and local tax burdens in the nation, including the second-highest property taxes and eighth-highest sales taxes.
In 2017 Illinois residents endured the largest permanent income tax hike in state history, when lawmakers increased the rate by 32%, from 3.75% to 4.95%.
Illinois already pushes out more businesses than virtually any other state. The “millionaire’s tax” could make the situation even worse. Illinoisans should reject this call for higher taxes on the state’s vital small business community.
Contact your state representative to stop the small business tax hike here.
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