East Peoria, Ill. — Attempting to patch the damage caused by the most disastrous tax increase in state history, State Representative Mike Unes (R-East Peoria) voted in support of a jobs bill package that contained many elements Unes unveiled this summer.
Senate Bill 397 passed Monday with a vote of 81-28-7. The measure now moves to the Senate for a vote.
“Democrats passed the 66 percent tax increase late at night during lame-duck session in January,” said Rep. Unes. “Even ardent opponents did not foresee the depth of the damage that it has caused. However, in this fragile economy we cannot afford to lose more jobs.”
In addition to provisions that keep Sears and the Chicago Mercantile Exchange in Illinois, the bill includes a stand-alone jobs package that legislators, including Unes, crafted during the summer.
“We’re never faced with a perfect bill, but this measure includes broad-based relief for large and small employers all across Illinois. While this bill offers necessary reform, our next move must be to repeal the tax increase,” added Unes.
Along with increasing the corporate tax increase during the lame-duck session, Democrats allowed the Research and Development tax credit to expire. The bill will extend the R & D tax credit for 5 additional years.
“Locally, extending the R & D tax credit is critical. Caterpillar has already planned up to year 2020 in Research and Development at its Mossville plant and spends nearly $1 billion per year. We owe them assurances that while they’re planning nearly 10 years in advance, we must extend the R & D tax credit for at least 5 years,” said Unes.
This bill also increases the estate tax exemption from $2 million to $4 million over a two year period, lessening the tax burden on family farmers and small business. Another key provision included from our Jobs Package is the reinstatement of the Net Operating Loss Deduction. This gives business the ability to carry their losses forward in a tough economy.
The provisions of this bill are supported by the Illinois Manufactures Associations, the Illinois Chamber of Commerce, Midwest Truckers Association, Caterpillar Inc., the National Federation of Independent Business and the Illinois Farm Bureau. For more information about SB 397, please contact Rep. Unes’ Pekin District Office at 309-620-8631.
Unes votes “yes” on jobs bill
East Peoria Times Courier
December 13, 2011
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