Page 32 - Robert Martwick News Today : Breaking News, Live Updates & Top Stories | Vimarsana

In supporting a bill to let small businesses deduct from federal income taxes some state and local taxes, there's bipartisan recognition of Illinois' high tax burden. State and local tax, or SALT deductions were capped at $10,000 by the federal government in 2017. That impacts taxpayers paying high taxes in states like Illinois. Peoria-area State Sen. Win Stoller, whose district includes Knox County and Galesburg, has Senate Bill 2531 at the statehouse that would change state tax code so businesses can take advantage of a change the IRS approved allowing them to file as an entity, ra...

* Greg Hinz on some new push-back against Sen. Rob Martwick’s elected school board bill… In a letter to Senate President Don Harmon, House Speaker Chris Welch and leaders of the Latino and Black caucuses, groups including the Chicago Urban League and Latino Policy Forum stop short of endorsing a bill proposed by Lightfoot to elect only a few members of the board, allowing the mayor to continue to appoint most. But the letters emphasize the importance of certain clauses that are in Lightfoot’s bill, but not the CTU’s. Included are steps to help undocumented immigrants have a voice, li...

A bill which would implement an elected Chicago school board passed the Illinois House Thursday, while opponents of the legislation continued to push for

Amr Alfiky/AP file; Rich Hein/Sun-Times file A Wall Street rating agency that alone gave Chicago a junk bond rating on Friday branded as “credit negative” a bill Gov. J.B. Pritzker signed over Mayor Lori Lightfoot’s objections boosting pensions for thousands of Chicago firefighters. “The legislation is credit negative for the city of Chicago,” said the advisory from Moody’s Investors Service, “because it will cause the city’s reported unfunded pension liabilities, and thus its annual contribution requirements, to rise.” With pension contributions consuming 17% of the city�...

Sen. Win Stoller builds support for small businesses tax cap Susan DeVilder The Star Courier After a breakfast meeting with Henry county officials and local leaders on Wednesday, Sen. Win Stoller dropped by  Country Morning Coffee in Kewanee to highlight legislation he’s recently filed with the Illinois General Assembly.  The bill, SB 2531, would allow small businesses in Illinois to avoid a $10,000 cap on state and local tax deductions created in 2017 under the federal Tax Cuts and Jobs Act. Stoller’s  legislation could save small businesses thousands of dollars in federal taxes.  St...