SPRINGFIELD, Ill. (WTVO) — About a week after Illinois Gov. J.B. Pritzker signed Illinois new budget into law, people across the state are still reacting to the spending plan, including an organization which represents companies in the Rockford area.
The Illinois Manufacturers’ Association (IMA) praised the plan as a bi-partisan effort to meet the needs of Illinois manufacturers.
Three of the key things the IMA is excited about are the extensions of the R&D tax credit, the re-in statement of the manufacturers’ purchase credit, and the gradual elimination of the corporate franchise tax.
That’s basically a fee for doing business in Illinois.
IMA also supports the increase in motor fuel tax.
The group’s president, Mark Denzler, says the money will be used to fix a major statewide problem.
“Manufacturers and Illinoisans are reticent, obviously, to pay increased taxes. But, in this case, we have a constitutional lockbox, so Illinoisans are guaranteed the money spent for motor fuel taxes will be used to build their roads and bridges,” he said. “And so, we think this is a smart plan, to build Illinois’ infrastructure that’s crumbling beneath our feet, today.”
One thing Denzler says IMA would have liked to have seen in the budget is some sort of pension reform, although, he points out that the state is making its full pension payment.
Denzler will actually be in Rockford in a few weeks, to talk about the state of local manufacturing with the Rockford Area Economic Development Council.