Sunday, January 16, 2011

Indiana Moves to Attract Illinois Employers

The Indiana Economic Development Corporation is already targeting companies that have publicly stated they are looking to leave Illinois. The revelation was included in Governor Mitch Daniels' budget presentation to the State Budget Committee.

Lawmakers in Illinois approved massive tax hikes this week, and Governor Pat Quinn signed the increases into law Thursday.

Once signed by the state's governor, Illinois' corporate tax rate will jump 46 percent and the personal rate will increase 67 percent.

The IEDC has told Inside INdiana Business an aggressive marketing strategy will be employed in an effort to draw business away from the neighboring state.

A bill to decrease Indiana's corporate income tax rate is being filed at the Statehouse. State Senator Brandt Hershman (R-7) says it is the result of several hearings into the issue, not a sudden reaction to developments in Illinois.

Source: State of Indiana, Inside INdiana Business

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