Taxes

Gov. Mike Parson signs bill with $309 million tax cut cited as a reason for vetoing 201 line items in the state budget for the coming year.

Amid record-high inflation last spring, the General Assembly temporarily waived Illinois’ grocery tax for the coming fiscal year and delayed the annual increase in the state’s motor fuel tax for six months.

Organizers of Vote16MO said that will allow teens to be more involved in decisions that affect their lives.

St. Louis and St. Louis County are among the jurisdictions where voters approved the tax, but there are questions about the scope of countywide marijuana taxes.

The bill would slice the corporate rate in half and exempt all Social Security benefits from state taxation.

The plot has been turned over to the department’s Criminal Tax Investigation Bureau.

The legislation decreases the top rate to just under 5% and sets the stage for further reductions. The cut was one of the goals of the special session Parson called.

Gov. Mike Parson in July announced his intent to hold a special session to address two vetoes he issued. The legislature will consider language on both tax credit programs related to agriculture and a permanent income tax cut.

The governor intends to soften the effect of inflation on Illinoisans by suspending the grocery tax, increases in the motor fuel tax and providing a 5% property tax rebate to some owners.

Municipalities can levy up to 3% on recreational cannabis sales on top of existing sales taxes. Cities around the Metro East are using that new revenue in different ways.