Illinois House Speaker proposes cut in corporate income tax

By WEEK Producer

Credit: MGN online

Illinois House Speaker proposes cut in corporate income tax

January 30, 2014 Updated Jan 30, 2014 at 6:37 PM CDT

SPRINGFIELD, Ill. -- Illinois House Speaker Mike Madigan has proposed lowering the income tax rate for corporations in the state.

According to Madigan's office, the corporate state income tax will be reduced from 7-percent to 3.5-percent on business profits.

The Personal Property Replacement Tax paid by businesses remains unchanged at 2.5-percent.

The proposal was applauded by GOP gubernatorial candidates Dan Rutherford and Senators Bill Brady and Kirk Dillard, although Brady said the state would be better served by a cut in the personal income tax rate.

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