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House Speaker wants to lower corporate income tax rate

Illinois House Speaker Michael Madigan's call for a 50-percent cut in the corporate income tax is getting only a lukewarm reception from one small-business group. Madigan wants to reduce the corporate income tax from seven-percent to three-and-a-half percent, retroactive to the beginning of the year, as a way to spur job growth. The "Chicago Tribune" reports that, according to the National Federation of Independent Business, three-quarters of small businesses in the state pay the personal income tax rate, which would not change under Madigan's plan. Both income tax rates are scheduled to drop at the beginning of next year as a temporary increase expires.


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