Business-Killing Measures Still Have Life
With the Illinois General Assembly entering the
final month of the current legislative session, Speaker Michael Madigan (D)
said on April 22 that he doesn’t have the votes to either raise the minimum
wage or extend the expiring income tax increase. Madigan is attempting find
sufficient votes to raise the state’s minimum wage from $8.25 an hour to $10 an
hour or more. Madigan said that once he has sufficient votes, he’ll be prepared
to call for a vote. Regarding the state income tax, Madigan said that extending
the current 5% rate before temporary legislation raising it from 3.75% expires
on January 1 will be “difficult.” State Senate leaders have indicated they will
act if and when the General Assembly passes the extension.
What Happens Next:
legislature is scheduled to adjourn on May 31, and there remain a large number
of issues on the agenda, including pension reform. Still, Democrats hold large
majorities in both the General Assembly and the state Senate, and Madigan could
whip up sufficient support for either or both proposals.
What This Means For Small Business:
NFIB opposes the minimum wage increase and the extension of the tax increase,
both of which have a significant impact on small businesses, which often lack
the flexibility of large businesses to deal with the changes.
Learn more about NFIB in Illinois.