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SPRINGFIELD, Ill. (CBS) – A new legislative panel has been formed to study Illinois’ corporate tax structure. The commission comes as some of Illinois’ largest companies threaten to leave.
Companies such as Caterpillar, the CME Group and Motorola have received tax deals to keep their doors open here. Some lawmakers, such as State Rep. John Bradley (D-Marion), contend the tax structure itself needs tweaking.
He wouldn’t say if the commission formed because of threats from the companies. He also wouldn’t say if it’s to study the benefits of the corporate income tax increase.
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“Tax increases happen,” he says. “Let’s figure out how we can be efficient and fair with regards to the taxes that are out there. Let’s figure out what we can do to fix what appears to be a broken system.”
Bradley admits the structure must be addressed, but would not point out specific things he thinks is wrong. He says he’ll leave that up to large and small companies during a series of public hearings, which have yet to be scheduled.