Illinois businesses to see tax increase in 2012 - KMOV.com

Illinois businesses to see tax increase in 2012

   CHICAGO (AP) -- Starting next year, Illinois businesses will see a tax increase and the recently unemployed will lose a week of unemployment benefits.

   That's because of a compromise bill passed this month in the Illinois Legislature.
 
   The Rockford Register Star reports the deal is part of a longer-term plan to help contribute to Illinois' depleted unemployment trust fund, which is $3 billion in debt to the U.S. Treasury.
 
   Illinois Department of Employment Security spokesman Greg Rivara says the tax increase and benefit cut are expected to generate about $100 million for the unemployment fund next year, or about 3 percent of its current debt.
 
   Illinois is among more than 30 states that have borrowed money from federal officials to keep jobless benefits going.
 
   Illinois has borrowed more than $40 billion so far.
 
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   Information from: Rockford Register Star, http://www.rrstar.com
   (Copyright 2011 by The Associated Press. All Rights Reserved.)

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