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January/February 2011 Tax Facts

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January/February 2011 Tax Facts Taxpayers’ Federation of Illinois 64 • 1 / January/February 2011 2010 LEGISLATIVE SYNOPSIS AND INSIDE THIS ISSUE ELECTION REVIEW Notes from the inside ............2 Election Review ..................13 By Scott Selinger Scott Selinger has been Legislative Director for the Taxpayers’ Federation of Illinois since February 97th General Assembly Calendar .............................14 2010. With over ten years experience in the Illinois Legislature, he has previously served as Director of Government Relations at the Illinois Bankers Association, Legislative Liaison for the Illinois Department of Financial and Professional Regulation (IDFPR) and as an Issues Development Staff TFI 2011 Meetings ..............16 Member for Illinois House Speaker Michael J. Madigan. As 2010 has come and gone, this edition of Tax Facts takes a look back at this past year’s legislative activity, including the January 2011 “lame duck” session, and also recaps some of the results from the November 2010 General Election. As always, TFI looks forward to providing you information on the pertinent Illinois fiscal issues and the proposed solutions FY 11’ BUDGET The Fiscal Year 2011 Budget reportedly included cuts totaling $1.4 billion, including $500 million in actual reductions from FY 10’ spending levels and another $900 million in so-called “efficiencies”. (See Agency Breakdown Link here): http://www.illinois.gov/publicincludes/statehome/gov/documents/ Historical%20Approp%20Master%20sheet2.pdf CONTACT US: 430 East Vine Street, Suite A The budget included the issuance of an Executive Order requiring state Springfield, IL 62703 V. 217.522.6818 agencies to cut spending on various operational costs, implement energy F. 217.522.6823 efficiency initiatives, and reduce group insurance costs. All Executive Branch www.taxpayfedil.org [email protected] officials and General Assembly members were NOTES FROM THE INSIDE. required to take 12 furlough days apiece, face the By J. Thomas Johnson elimination of their annual automatic 3% cost-of- living pay increases and were subjected to further This issue is our annual report on the 2010 pier diem and travel reimbursement rate reductions. legislative session. Usually issued in While spending cuts were expected, TFI had hoped December after the rap up of the Veto for more dramatic action to reduce the $14 billion session, we held it up due to the calling of the accumulated FY 11’ budget deficit. Some of the extraordinary session that just ended hours specific pieces of legislation that make up key before the swearing in of the 97th General components of the FY 11’ Budget are provided in Assembly. Obviously what happened the last greater detail below: ten days of the 96th General Assembly overshadows the activities of the previous SB 2505 – Personal and Corporate Income Tax twelve months, yet much was done during Increase the entire year and Scott Selinger reports the During the “lame duck” legislative session in early activities of the last year of the 96th General January 2011, an increase in the personal and Assembly. corporate income tax rates were enacted with the bare-minimum number of votes needed for passage Obviously the significant tax increase in both the House and Senate. Governor Quinn then receives all the press, but one of the signed SB 2505, now known as PA 96-1496, into law landmark occurrences was creating the on January 13, 2011. A summary of the key framework for a five year financial plan for components ofPA 96-1496 is provided below. The state government created by the spending bill language is at:http://www.ilga.gov/legislation/ limitations in the newly enacted legislation. publicacts/96/096-1496.htm Although presented as a spending limit we believe that the revenue produced from the The Illinois Personal Income Tax rate is increased new tax structure will actually limit the from 3% to 5% between Jan. 1, 2011 and Dec. 31, growth in spending to be below the “limit in 2014. The rate will revert to 3.75% (originally spending”. However, inserting the spending proposed at 4%) from Jan. 1, 2015 to Dec. 31, 2024. limit into the Income Tax Act is certainly The rate will then reduce to 3.25% (originally novel and has the enforcement impact of proposed at 3.5%) starting on Jan. 1, 2025 requiring a tax law change to subvert. Probably difficult to do politically. The total Corporate Income Tax rate (inclusive of the personal property replacement tax of 2.5%) is Open issues that were not enacted in the 96th increased from the current 7.3% rate to 9.5% that was framed as part of the plan was a starting Jan. 1, 2011 through Dec. 31, 2014. It then cigarette tax increase and the “debt drops to 7.75% between Jan. 1, 2015 and Dec. 31, consolidation bond funding”. We will provide further analysis of this 5 year 2024. It then reverts to 7.3% starting on Jan. 1, 2025. financial plan in future issues of Tax Facts as some of the remaining issues get flushed out. Net Operating Loss absorption is suspended (except for S-corporations) for tax years ending after December 31, 2010 and prior to December 31, 2014. 2 • Tax Facts • January/February 2011 The current carry over provisions (twelve years December 31, 2001 but limiting the exclusion for losses incurred on or after December 31, amount to $2 million. 2003) will be extended for the number of years of the suspension. SB 3461 – Governor’s “Emergency Budget Act” Extension The property tax rebate program that was This bill also passed during the “lame duck” included in the original bill was eliminated in the session granting Governor Quinn the ability to final bill and resulted the reduction in the manage the second half of the FY’ 11 budget. reduction of the out year tax rates. The current Specifically, it amends the Emergency Budget Act 5% of property tax paid credit under the of Fiscal Year 2011 by extending provisions of the personal income tax was retained. Act authorizing contingency reserves and making all State programs subject to appropriation apply State Spending limitation and tax reduction – If through June 30, 2011 (instead of January 9, spending from “state general funds” for any 2011). It further specifies that certain transfers fiscal year for 2012 through 2015 exceeds to the General Revenue Fund or the Common established spending limitations set forth in the School Fund, as directed by the Governor from Income Tax Act the income tax rates will be special funds of the State are authorized through returned to 3% for personal and 7.3% for June 30, 2011 (instead of January 9, 2011) and corporations. The spending limits are: provides for emergency rulemaking authority associated with Public Act 96-958 through June 2012 - $36.818 billion 30, 2011 (instead of January 9, 2011). SB 3461 2013 - $37.554 billion was signed by the Governor on January 18, 2011 2014 - $38.305 billion and is nowPA 96-1500. The changes are 2015 - $39.072 billion effective immediately and the link to PA 96-1500 can be found here: http://www.ilga.gov/ Local Government Distributive Fund (LGDF)– legislation/publicacts/fulltext.asp?Name=096- Currently 10 % of the collections under the 1500 Illinois Income Tax Act is deposited in the LGDF for distribution to counties and municipalities SB 3514 – Pension Bonding Authorization based on their proportionate share of the state’s SB 3514, which had been the long-stalled population. They will not share in collections pension bonding bill, finally passed the from the additional taxes that are imposed legislature during the January session. It was under this act.. previously considered in early November by the Senate but lacked the necessary super-majority The Illinois Estate and Generation-Skipping votes to pass at the time. The bill authorizes Transfer Tax Act was reinstated for deaths borrowing approximately $4.1 billion to make occurring after December 31, 2010. It had the state’s fiscal year 2011 pension payment. A previously been allowed to lapse December 31, link to SB 3514, asPA 96-1497, can be found 2009. The tax is equal to the full amount of the here: http://www.ilga.gov/legislation/ state tax credit that would have been allowed publicacts/96/096-1497.htm under the Internal Revenue Code in effect on Tax Facts • January/February 2011 •3 SB 3087 – Capital Construction Bond SB 3660 also included a few smaller budget Authorization savings measures including requiring state SB 3087 is an extension of the capital spending lawmakers, constitutional officers and various program enacted last year and another $5.3 top agency officials to take 12 furlough days, billion in additional bond authorization to lowering legislators’ pier diem and mileage continue funding the $3.1 billion capacity reimbursements, reviewing and renegotiating program. SB 3087 passed during the January various state agency procurement contracts, session and now heads to Governor Quinn for and prohibiting cost-of-living increases for state final approval. A link to the bill can be found at: lawmakers and constitutional officers in FY 11’. http://www.ilga.gov/legislation/ A link to SB 3660, nowPA 96-0958, can be found billstatus.asp?DocNum=3087&GAID=10&GA=96 at: http://www.ilga.gov/legislation/publicacts/ &DocTypeID=SB&LegID=50671&SessionID=76 96/096-0958.htm SB 377 – Tax Amnesty Allowed delinquent taxpayers to pay owed back HB 859 – Budget Spending Plan taxes that were accumulated between June 30, This is the $26.2 billion general fund spending 2002 and July 1, 2009 without penalty or plan for FY 11’ which is $400 million less than the interest. The amnesty period ran from October current year’s budget and reflects a 5% across- 1, 2010 until November 8, 2010 and the State has the-board spending cut for state operations.
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