March 16 at 8:01 a.m.
Filed under:
Government,
Retirement
By Dow Jones Newswires-Wall Street Journal
Lawmakers in Illinois say they may try to fix the state’s ailing pension system by asking current workers to pay more into the plan, though the approach faces substantial legal and political obstacles.
The lawmakers are also entertaining the politically difficult idea of applying broader pension changes made this year for newly hired employees to current workers. Those include raising the retirement age and scaling back on annual cost-of-living raises.
Whatever approach is embraced, it remains unclear whether such strategies would fix the Illinois system, which is 45 percent funded. That makes it the most under-funded state plan in the U.S., according to Moody’s Investor’s Service. Get the full story »
March 15 at 2:07 p.m.
Filed under:
Taxes
By McClatchy Tribune Newspapers
Quad/Graphics Inc., which became the nation’s second-largest commercial printer through an acquisition last year, on Tuesday announced the closure of its facility in Mount Morris, Ill.
The Mount Morris plant encompasses approximately 644,000 square feet and employs about 230 people. Customer work will be consolidated at other facilities. Get the full story »
March 11 at 5:34 a.m.
Filed under:
Internet,
Retail,
Taxes
By Dow Jones Newswires-Wall Street Journal
Amazon.com took action in Illinois, as it had threatened to do, to counter a new law aimed at forcing online retailers to collect sales taxes in the state. Hawaii, North Carolina and Rhode Island have enacted similar laws, and California is weighing action. Amazon is also in a court battle with New York over such legislation.
The Illinois law, signed by Gov. Pat Quinn Thursday, requires online retailers that work with affiliates in the state to collect sales taxes on purchases made by Illinois residents and businesses. Amazon responded to the measure by cutting ties to its Illinois-based affiliates, which are blogs and other Web sites that refer traffic to Amazon and get paid commissions if customers make purchases there. Get the full story »
March 7 at 7:50 a.m.
Filed under:
Education
From Crain’s Chicago Business | College Illinois has the deepest shortfall of any state-sponsored prepaid tuition program in the United States and is putting more of participants’ college funds on riskier wagers to try to catch up. Get the full story>>
March 3 at 6:02 a.m.
Filed under:
Energy,
Green
By Associated Press
The U.S. Green Building Council reported that Illinois has 3.09 square feet of LEED-certified commercial and institutional green buildings per capita — ranking it eighth in the nation. Get the full story »
Feb. 28 at 5:19 p.m.
Filed under:
Energy,
Updated
By Julie Wernau
The FutureGen Alliance announced Monday that it has selected Morgan County to sequester carbon dioxide emissions that would come from a coal-fired power plant 32 miles from the site.
The long-stalled $1.3 billion project, which includes CO2 storage, a visitor center, research and training facilities, is backed by $1 billion in federal funding from the American Recovery and Reinvestment Act and $300 million in private investment. Approximately 30 communities competed in the site selection process in the second try to get the project off the ground. Get the full story »
Feb. 11 at 7:13 a.m.
Filed under:
Jobs/employment
From the Chicago Sun-Times | Senate Democrats proposed raising the state’s minimum wage in a bid that eventually would boost pay for the working poor to more than $10 an hour. Sen. Kimberly Lightford (D-Maywood) introduced legislation that would raise Illinois’ $8.25-an-hour minimum wage by 50 cents plus the rate of inflation annually until it reaches the equivalent in today’s dollars of what $1.60-an-hour was in 1968 — currently about $10.03 an hour.Get the full story >>
Feb. 9 at 12:46 p.m.
Filed under:
Government
By Reuters
Lawmakers of both parties expressed opposition Wednesday to having federal taxpayers help state and local governments cope with widespread budget problems, underscoring the impact that Washington’s crushing budget deficits are having on the appetite that Republicans and Democrats have for such aid.
“The era of the bailout is over,” Rep. Patrick McHenry, R-N.C., told a House hearing on the debt problems facing scores of states and municipalities around the country. Get the full story »
Feb. 4 at 12:01 a.m.
Filed under:
Autos,
Manufacturing
By Julie Wernau
Mitsubishi Motors Corp. is poised to announce the production of a new vehicle at its Normal plant today in a deal backed by $30 million in government incentives. The deal is expected to breathe new life into a facility that, for years, has operated with an uncertain future.
The plant produces the Galant, Endeavor, Eclipse and Eclipse Spyder, among the oldest and least popular of the Mitsubishi line. The Japanese auto manufacturer has announced plans to phase out their production by 2014, a move that would have eventually meant layoffs in Normal and an end to Mitsubishi production in the U.S. Get the full story »
Feb. 3 at 6:48 a.m.
Filed under:
Earnings,
Exchanges,
Taxes
By Reuters
CME Group Inc., the world’s biggest futures exchange operator, said quarterly profit fell 3 percent, hurt by a one-time charge for state taxes. CME’s fourth-quarter net income fell to $196 million, or $2.93 a share, from $203 million, or $3.04 a share, a year earlier. Get the full story »
Jan. 26 at 5:57 p.m.
Filed under:
Beverages,
Litigation
By Melissa Harris
An appellate court tossed out Gov. Pat Quinn’s signature $31 billion construction program, widespread plans for video poker and higher taxes on candy and booze, declaring Wednesday in a ruling that they were unconstitutional.
The justices ruled the problem with the law is that it violated the state’s basic constitutional tenet that legislation must address a single subject only. They wrote that wide-ranging issues in one of four bills passed in 2009 failed to have a “natural and logical connection.”
The decision knocked out all four laws that represented the backbone of the public works program Quinn put together with bipartisan support two years ago. It was the culmination of an effort with legislative leaders who had found working with former Gov. Rod Blagojevich futile. Get the full story »
Jan. 25 at 11:44 a.m.
Filed under:
Government,
Retirement
By Monique Garcia and Kathy Bergen | The Securities and Exchange Commission is conducting an inquiry into the state’s financial disclosures about potential savings expected from the pension reforms enacted last spring, Gov. Patrick Quinn’s office confirmed Tuesday morning.
“This is not an investigation, this is an inquiry,” said Kelly Kraft, the governor’s budget spokeswoman. “The SEC has stated this is not an indication of any violation. We feel our disclosures have always been accurate and complete.” Get the full story »
Jan. 25 at 5:55 a.m.
Filed under:
Advertising/Marketing,
Taxes
By Associated Press
New Jersey Gov. Chris Christie in ad targeting Illinois businesses.
New Jersey Gov. Chris Christie’s administration thinks there’s business to be had — from Illinois.
The governor is launching an ad campaign encouraging businesses in Illinois to relocate to the Garden State. An official announcement from the Christie administration is planned for Tuesday, when ads will start appearing in newspapers and on radio stations in major Illinois cities like Chicago and Springfield. Get the full story »
Jan. 21 at 4:45 p.m.
Filed under:
Government,
Investing
By Reuters
Fitch Ratings raised its credit outlook for Illinois to stable from negative Friday, citing the recent increase in corporate and personal income taxes. Get the full story »
Jan. 21 at 4:38 p.m.
Filed under:
Bankruptcy
By Reuters
Some of the biggest U.S. states with the worst budget deficits on Friday rejected any federal help in the form of a bill that would allow them to file for bankruptcy — something they now are barred from.
Legislation that would allow U.S. states to file for bankruptcy will likely be introduced in Congress within the next month, Newt Gingrich, the former speaker of the House of Representatives who remains a powerful figure in the Republican party, told Reuters on Friday. Get the full story »
