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Tag Archives: taxes

SPRINGFIELD UPDATE

Tuesday was another day and nothing the Governor is expected to support was accomplished in Springfield. With three weeks left before the next budget year is set to begin, a measure Democrats say mirrors Governor Bruce Rauner’s proposals on freezing property taxes while also addressing local control of prevailing wage was shot down with Republicans… read more

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TAX WINDFALL

Illinois will collect $300 million to $500 million more in income taxes than previously expected, the Commission on Government Forecasting and Accountability, which does financial forecasting for the General Assembly, told lawmakers last week.

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THIEVES FILE TAXES TO STEAL REFUNDS

Tax season unleashes a certain amount of angst, but this year may produce a higher level due to a slew of data breaches that have imperiled electronic filing of tax returns. Scammers use Social Security numbers and other information to steal a person’s identity and file for their tax refund.

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ACTION REQUEST

The White House is threatening to veto a House bill that would make permanent Section 179 expensing allowance that is widely used by farmers to buy tractors and other agricultural equipment. Meanwhile, check out our latest Action Request on HR 636, via FarmWeekNow.com.

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SOTU REACTION

“IFB hopes Congress will consider the president’s proposals to increase the capital gains tax and repeal ‘stepped up basis’ to be dead on arrival,” says IFB President Richard Guebert, Jr. President Guebert said he supported the president’s comments on trade and with opening up relations with Cuba.  Check out more on FarmWeekNow.com.

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STEPPED-UP BASIS

President Obama as part of his expected State of the Union address will announce various tax related measures to help the lower and middle class and close certain “trust fund” loopholes. This loophole is primarily the ability to step-up assets to fair market value at death. Current law allows a step-up in value of almost… read more

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TAX EXTENDERS PASSES

The bill passed 76 to 16 with the support of Senator Durbin and includes a one-year retroactive extension of the Section 179 small business expensing option at the $500,000 level. It also includes one-year extensions of 50 percent bonus depreciation and other key tax provisions including deductions for charitable donations of food and conservation easements,… read more

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MORE OF THE SAME

Lawmakers divided about whether to renew expiring tax breaks appear increasingly likely to extend them only through 2014, a move that would leave businesses and individuals in limbo for 2015 and beyond.

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Transportation Coalition

Transportation for Illinois coalition in Springfield today presented its funding source for a capital plan.  It includes higher fuel taxes, ending ethanol credit. The coalition wants to raise the state gas tax 4 cents, diesel tax up 7 cents, plus raise vehicle registration fees and tax repairs & oil changes.

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TAX WARNING

Congressional inaction and continued uncertainty about a package of more than 50 tax extenders could complicate the 2015 tax filing season and force the Internal Revenue Service (IRS) to postpone the opening on the 2015 filing season, warned IRS Commissioner John Koskinen in a recent letter to Senate Finance Committee Chairman Ron Wyden, D-Ore. The… read more

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