An enormous Illinois tax increase is making news and has some wondering if other states will follow suit.
Legislators approved a massive Illinois tax increase on income tax, Reuters reports. The Illinois House passed an income tax increase that is aimed to help the state tackle its $13 billion deficit. The measure passed by a tight margin of 60 to 57 and was sent to the Illinois Senate where it’s predicted to pass, according to the Wall Street Journal.
It seems unlikely that other states in debt will follow Illinois’ suit. In fact, neighboring states such as Wisconsin are now offering tax incentives for businesses that relocate to Wisconsin from other states, the Huffington Post reports. “Years ago Wisconsin had a tourism advertising campaign targeted to Illinois with the motto, ‘Escape to Wisconsin. Today we renew that call to Illinois businesses, ‘Escape to Wisconsin.’ You are welcome here,” said Republican Wisconsin Gov. Scott Walker in a released statement.
Related Resources:
- Illinois Personal Income Tax Laws (FindLaw)
- State Tax Forms (FindLaw)
- California Sales Tax Increase Takes Effect Today (FindLaw’s Common Law Blog)
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