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Wed June 25, 2014
Rauner Plans To Close Tax "Loopholes," Change EDGE Credits
Republican candidate for governor Bruce Rauner has unveiled what he says is phase three of his plans to "Restore Illinois." It's focused on how the state taxes businesses.
In a statement — he released the plan via social media, rather than at a live event — Rauner says he wants to close "special interest loopholes."
Like a tax break for buying a racehorse.
And, in a risky move as he seeks to win newspaper editorial boards' endorsements, he wants Illinois to begin taxing newsprint.
Rauner says as more people get their information online, "antiquated protections for media conglomerates should be eliminated."
There are broader proposals too: like changes to the "EDGE" program (Economic Development for a Growing Economy), which Illinois' commerce department uses to attract companies and retain jobs.
That's been a lightning rod, after Illinois gave special allowances to companies, like Sears.
The legislature attempted to redo the EDGE program in the spring session, but the measure stalled.
Rauner says he would cap the program, and veto deals to help any select corporation.
But he offers few specifics: there are only two sentences that summarize the vague changes he'd make to EDGE.
And despite Rauner's campaign slogan that he wants to "shake up" Springfield, many of these ideas in some form or another have been introduced before
Another of Rauner's plans calls for targeting oil companies; that's something his Democratic rival, Gov. Pat Quinn, has twice suggested, to no avail.
Pans Tax Credits