ALORTON, Ill. — Sam Beelman has dealt with taxing issues running an Illinois-based business before, but the recent round of income tax hikes may force him to move more of his trucking company out of the state, he says.
"I think it's ridiculous," said Beelman, who owns and operates Beelman Truck Co. in Alorton. "We will try to move whatever business we can out of this state."
Aside from the high diesel fuel costs that his business has had to pay in transporting goods from and through Illinois, Beelman and other in-state business owners are facing a 30 percent increase in the state's corporate income tax, from 7.3 percent to 9.5 percent. The General Assembly last week also approved a 66 percent individual income tax rate increase from 3 percent to 5 percent. Both bills were passed in the final hours of the last legislative session, which ended Jan. 12, and have been signed by Democratic Gov. Pat Quinn.
The tax hikes had been pushed by Quinn as a way to combat the state's financial crisis. Illinois faces a projected $15 billion budget deficit, at least $80 million in unfunded pension liability and more than $8 billion of unpaid bills. The tax increases were passed mostly along party lines with Democrats leading the charge in both chambers of the legislature.
Beelman said he is well-aware of the challenging and sometimes unfriendly business climate in Illinois.
"It's one of the worst states there is to do business," Beelman said.
Read more of this story at bnd.com
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