Yusef Jackson to succeed his father, the late Rev. Jesse Jackson, at Rainbow PUSH Coalition.
“Our mission is to gain, protect and defend civil rights — that will continue,” Jackson said. “The way my father did it is distinctly different than how we will do it."
= ALERT: Illinois Gov. JB Pritzker signed into law today Senate Bill 1911 - the revenue omnibus bill that passed in the final hours of October veto session. =
Taxpayers' Federation of Illinois (TFI) statement >>
ALERT: Illinois Gov. JB Pritzker signed into law today Senate Bill 1911 - the revenue omnibus bill that passed in the final hours of October veto session. The act makes several Illinois tax law changes, including: Replacing the soon-to-be vacated global intangible low-taxed income (GILTI) regime with a broader net CFC-tested income (NCTI), subjecting more foreign earnings to Illinois tax. Decoupling from Section 168(n) of the Internal Revenue Code, which prevents taxpayers from using the new federal accelerated depreciation for qualified manufacturing and related facilities. Removal of the sunset date on Illinois’s Pass-Through Entity Tax. New opportunities for establishing STAR Bonds districts in Illinois. TFI opposed this legislation, which fails to provide necessary factor representation for the foreign income that is subject to tax. Illinois lawmakers are pressed to balance the state operating budget, but making the corporate tax structure more of an outlier ultimately erodes the corporate tax base. However, we are pleased the act makes permanent the Pass-Through Entity Tax, saving Illinois taxpayers approximately $500 million a year in federal income tax liabilities. This post will be updated when a Public Act number has been publicly assigned to the legislation.
Barton Lorimor
BTLinSPI HAS MOVED