corporate income tax - The S Corporation Association

Illinois Governor Proposes Gross Receipts Tax!

S Corp Member Alert! Governor Blagojevich proposed last month to replace the Illinois state corporate income tax with a gross receipts tax (GRT). Under the current proposal, the state’s current 4.8% corporate income tax rate would be phased out over four years and the new GRT would be imposed on all revenues realized by IL businesses from the sale of good and services – .85% for goods and 1.95% for services. The change will increase projected annual revenue collections more than four-fold and has been characterized by the non-partisan Tax Foundation as the largest state tax increase this decade.

A massive …

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admin2019-02-06T18:46:05+00:00April 12, 2007|

Tax Hikes under the Guise of Tax Relief?

Here’s more on what the House might be considering for its next tax bill this spring. As you’ll recall, last week they announced they would put forward a plan to address — that is, slow the growth of — the Alternative Minimum Tax among upper income taxpayers. This plan would be permanent, and would likely be offset with targeted tax increases elsewhere.

What would these targeted tax increases look like?

According to several sources, the Ways and Means Committee plans to lower the income thresholds applying to the 33 and 35 percent tax brackets. For married taxpayers filing jointly in 2006, the …

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admin2019-02-06T18:46:05+00:00March 13, 2007|

Senate Finance Committee Holds Tax Gap Hearing

S-CORP continues to closely monitor proposals to increase taxes on S corporations through increased payroll taxes or by repealing the LIFO method of inventory accounting.B On Tuesday, the Senate Finance Committee held a hearing entitled “A Tune-Up on Corporate Tax Issues: What’s Going on Under the Hood?” While most of the testimony focused on the Tax Gap, IRS enforcement, and broad reform of the corporation income tax, one witness focused his remarks and written testimony almost exclusively on why LIFO should be repealed.

Dr. George Plesko, Associate Professor at the University of Connecticut Business School, spent most of his time building …

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admin2019-02-06T18:47:19+00:00June 15, 2006|