Springfield, Illinois -The State Finance Sub-committee hearing just adjourned for the day. The session was a busy one with hearings on a flurry of Tax related proposed legislation.
I'm glad to report a partial victory on behalf of small business owner's and boaters in Illinois. Prepared with seven opponents to the proposed bill (representing AOPA, power boat dealers, sailboat dealers and NMMA) we received relief for now. There was no motion on HB0451 (State Luxury Tax). In speaking with the bill's sponsor Rep. La Shawn K. Ford (8th Dist- Chicago), he reaffirmed that he would not be moving forward with the bill this session. "You have my word" he said. So that is all we have to go on for now.
In speaking with a few other members of the Sales Tax and Finance Committee they echoed our concerns for the fact that any legisislation of this type would in fact have the opposite of its intended effect. It would drive revenue and jobs from the state and have further negative economic impact on industries (auto and marine) that are already seeing a slowdown. in business due to the economy. The 'ripple effect' would be felt in other ancillary businesses as well.
Several Representatives expressed their support of our position and saw a dim outlook for the bill. We will be keeping an eye out for any legislation of this type and hope that the state's lawmakers keep looking at ways to reduce unnecessary costs and wasteful spending in their efforts to address our state's budget deficeit.
More upon arrival in Chicago.. To read my debrief on the trip- Visit: http://karmayachtsalesblog.blogspot.com/2009/02/hb0451-luxury-tax-update-debrief.html
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