Small businesses wouldn't benefit from tax cut
SPRINGFIELD (AP) — A spokeswoman says Illinois small businesses won't be affected by House Speaker Michael Madigan's proposal to cut the corporate income tax rate.
Kim Clarke Maisch is Illinois director of the National Federation of Independent Business. She says 75 percent of the state's business operations pay personal income taxes.
Madigan — a Chicago Democrat — proposed cutting the corporate rate from 7 percent to 3.5 percent immediately to improve the business climate.
Maisch says Thursday's proposal is a step in the right direction but "the real job-creators are small business owners." Lowering the personal tax rate would help them most.
A 2011 temporary hike in both personal and corporate rates is set to expire next January.