IVCA Provides Updates for State and Federal Legislative Issues - 01.31.18

IVCA Illinois Legislative Report
January 31, 2018
David Stricklin / Stricklin & Associates

HB 4293 IS THE NEW VERSION OF THE “PRIVILEGE TAX”
 
After a full year warning IVCA members about SB 1719 or HB 3393, we now call your attention to HB 4293, which is the latest legislative effort to tax in Illinois the capital gains earned by investment managers an additional 20%.
 
You may see the bill here.

The bill was introduced January 19 and is waiting to be assigned to a substantive committee for a possible hearing. The bill has no cosponsors at the moment but the general assembly resumed regular session this week and we will watch for any cosponsors being added.

We strongly encourage you to reach out to YOUR legislators, the House and Senate members who represent the district where you live, and let them know your opposition.  (Link to the alert here.)
 
Who is my Rep? Click here.
Your Rep’s Email Address, click here.
Sample Email, click here.
 
LEGISLATURE CONVENES AHEAD OF RAUNER STATE OF THE STATE
 
The 2018 session for Illinois General Assembly resumes in earnest this week and includes a Noon address Wednesday, January 31 from Governor Rauner.  It is expected the governor will argue that he has made progress against the entrenched interests of the Democratic legislative leaders and will continue to argue for more reforms and different ways of doing business to make Illinois competitive and attractive to business interests.  Following this mostly thematic address the Capitol is anticipating the Governor’s budget address on February 14 which will set the stage for discussions over the FY 19 budget.  It is an open question whether state leaders will be able to agree to a full year budget with the November general election looming in the distance.
 
LANDMARK EDUCATION BILL HITS, MAYBE CLEARS TAX CREDIT SNAG
 
Reforming the way Illinois funds K-12 education was considered a major bipartisan accomplishment between the Democratic legislature and Governor Rauner.  In recent days some caution was noticed when the governor issued an amendatory veto of a bill passed after the primary bill to clear up and clean up various language.  The governor’s veto was meant to help more schools be specifically eligible for the tax credit program for private school scholarships included in the primary bill.  The Illinois State Board of Education and the governor’s office appeared to have worked out a solution but some public-school administrators voiced concern the veto could hold up progress with the new funding formula.  Legislators in the House called school districts and representatives of the Illinois State Board of Education to Springfield Monday to try and clarify the situation.  Again, a compromise appears to be at hand, but the situation bears further study.  Meanwhile the Invest In Kids program is up and running and you may wish to find more information on participating here:
http://www.revenue.state.il.us/InvestInKids/ 
 
IVES CHALLENGES GOVERNOR ON THE RIGHT
 
On Monday of this week State Rep. Jeanne Ives, a Republican from Wheaton, participated in a candidate forum with Governor Rauner before the editorial board of the Chicago Tribune.  It is anticipated this is the only face-to-face encounter between the two Republican candidates for the nomination for governor to run in November 2018.
http://www.chicagotribune.com/news/local/politics/ct-met-bruce-rauner-jeanne-ives-debate-20180129-story.html