03122019CM0467RSPRINGFIELD – A reform package to Illinois’ antiquated property tax system sponsored by State Senator Toi Hutchinson (D-Chicago Heights) passed the Senate this week.

“Property taxes are something that every politician from both sides of the aisle talks about, but little is done to actually reform the system,” Hutchinson said. “Today we have a chance to take a step in the right direction that will increase tax assessment accuracy and transparency for property owners and go a long way towards bringing fairness to homeowners in the South Suburbs and across the state.”

Hutchinson’s proposal, contained in Senate Bill 1379, represents a comprehensive set of reforms to Cook County’s property tax system. While the proposal would only apply to Cook County, all Illinois counties would have the ability to adopt the requirements.

Read more ...

Category: Latest

Illinois Treasurer Mike Frerichs with State Senator Toi HutchinsonSPRINGFIELD – State Senator Toi Hutchinson (D-Chicago Heights) passed a plan out of the Senate today that would allow legal cannabis businesses in Illinois to use the banking system. Due to federal and state banking regulations, most legal cannabis businesses are operating on a cash-only basis.

“As conversations continue on whether or not Illinois will legalize adult-use cannabis, we have legal businesses involved in the cannabis industry that are not able to use banks,” Hutchinson said. “Operating on a cash-only basis exponentially increases the chances of fraud and criminal activity.”

Hutchinson’s proposal – contained in Senate Bill 2023 – would prohibit the Secretary of Illinois’ Department of Financial and Professional Regulations (IDFPR) from issuing an order against, penalizing or discouraging financial institutions from providing financial services to cannabis-related businesses.

Last year, the legal medical cannabis industry in Illinois took in $136 million in revenues.

Read more ...

Category: Latest

Fair tax presents best path forward for Illinois

03282019CM0363RSPRINGFIELD – Lawmakers in the Senate and House on Thursday presented a series of choices facing Illinois taxpayers as the state continues to dig out from an economic downturn and four years of turmoil under the previous governor.

“Taxpayers have three choices. They can say they’re OK with slashing funding for schools, universities and senior services, which would raise property taxes. They can say they’re OK with a 20 percent tax increase for every Illinoisan. Or we can update our income tax structure so that the wealthiest 3 percent of Illinoisans pay more,” said State Senator Toi Hutchinson, chair of the Senate Revenue Committee and a Chicago Heights Democrat. “I think it’s crystal clear that a fair, modern tax system is the direction we should go.”

Hutchinson was among the lawmakers who gathered Thursday at the Capitol to lay out the options for taxpayers and discuss the merits of a fair tax system in Illinois. Joining her were State Senators Don Harmon (D-Oak Park) and Andy Manar (D-Bunker Hill), and State Representatives Mike Zalewski (D-Riverside) and Arthur Turner (D-Chicago).

Read more ...

Category: Latest

Hutch frerichsSPRINGFIELD – Last year, the legal medical marijuana industry in Illinois took in $136 million in revenues. Federal and state banking regulations, however, mean most marijuana businesses are operating on a cash-only basis.

State Senator Toi Hutchinson (D-Chicago Heights) joined with Illinois Treasurer Mike Frerichs this morning in passing a proposal out of the Senate Financial Institutions Committee that would help address the issue.

“Right now, we have an existing legal medical marijuana program that is being affected by these outdated banking regulations,” Hutchinson said. “These are issues that these businesses are dealing with right now. While there are conversations on whether to legalize recreational marijuana sales, regardless of the outcome of that legislation, we still must address the barriers facing medical marijuana companies.”

Read more ...

Category: Latest

eNewsletter Signup

eNewsletter Signup
  1. First Name(*)
    Invalid Input
  2. Last Name(*)
    Invalid Input
  3. Your Email(*)
    Please let us know your email address.