Business, tax groups blast Quinn`s loophole plan - FOX 29 News Philadelphia | WTXF-TV

Business, tax groups blast Quinn`s loophole plan

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CHICAGO (Associated Press) -

Several business and taxpayer groups oppose Gov. Pat Quinn's plan to end so-called corporate tax loopholes. They claim the proposal unfairly targets business, could hamper job creation and might be unconstitutional.

The Illinois Senate Revenue Committee took testimony Wednesday on a proposal to end three tax breaks, including not taxing foreign dividends of multinational corporations. Quinn outlined the idea in his March budget address. His office estimates the move will bring in about $450 million annually and go toward paying down Illinois' unpaid bills.

The Illinois Chamber of Commerce characterizes the proposal as tax increases. The Illinois Manufacturing Association says the incentives help growth and questions if the proposal is constitutional.

The committee plans to hold several hearings on the plan.

The bill is SB1159.

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