Illinois House Republicans are now pushing a plan they say will create 60,000 jobs. House Republican leader Tom Cross was joined by State Representatives Dave Leitch and Mike Unes at Advanced Technology Services in Peoria to announce the plan.
It calls for the reinstatement of the net operating loss reduction, a longer term re-enactment of the research and development tax credit, extending the life of enterprise zones, reducing the costs to incorporate of starting an LLC and increasing the estate tax exemption.
Representative Cross says he thinks these ideas can get bi-partisan support. he says some of the items, such as the R and D tax credit, have been supported in the past and he thinks they will be again.
Representative Unes says the Enterprise Zone is what allowed for projects like the $200-million upgrade at an East Peoria Caterpillar plant. He also pushed for the passage of the estate tax exemption to five-million dollars due to the burden the lower exemption puts on family members of farm owners who pass away.
Leitch was quick to point out the Research and Development credit is big for this area since Peoria sees about one-billion dollars worth of these types of projects each year.
Cross says these things do come at a cost, but the revenue generated to the tune of $600-$700-million outweighs those costs. House Republicans plan to bring the five item plan forward during the fall veto session.
