Tax Institute Policy Review
July Edition
Annual Tax Institute Meeting at Chicago Hilton
Members of the Illinois Chamber Tax Institute met at the Chicago Hilton on June 20 for a 10-year anniversary celebration and their annual meeting. Featured speakers included: Ron Eidshaug of the U.S. Chamber of Commerce who spoke on the Lieberman-Warner Bill before Congress and updated members on national environmental initiatives; Beth Cooley of the Council on State Taxation (COST) looked at current and emerging issues in state taxation and Dan Long Executive Director of the Illinois Commission on Government Forecasting and Accountability gave an Illinois budget update and economic forecast for FY 2009.
Tax Institute Officers Named for 2008-2010 Term
Officers for the 2008-2010 term were announced at the June 20th annual meeting of the Illinois Chamber Tax Institute. We are pleased to announce that Chairman, Ed Conrad, of Baxter International, will serve a second term as Chairman of the Tax Institute. Greg Grierson, of Caterpillar, and Dale Uselton, of State Farm Insurance, will also remain on the Executive Committee for a second term. New Executive Committee members are Dave Wheeland of S & C Electric, and Kent Wohler of UPS. Our appreciation and sincere thanks to outgoing Executive Committee members Mike Moses and David Kupiec!
Streamlined Sales Tax Update
Connie Beard, Tax Institute Executive Director, recently met in Chicago with national members of the Streamlined Sales Tax Project (SSTP) Governing Board at a meeting sponsored by Illinois Senators Pam Althoff and John Cullerton. The stated purpose of the meeting was to identify the issues that need to be resolved in order to bring Illinois into compliance with the national SSTP and to work with the Illinois business community to encourage our support for the project in Illinois. As a result of the meeting, the Governing Board will conduct an audit of Illinois' compliance with SSTP under current law and also under Senate Bill 1429, which is the current legislative proposal for SSTP in Illinois. Senator Cullerton, sponsor of SB 1429, would like to address any outstanding compliance issues before spring session of 2009, when he intends to run the legislation. As you know, the Illinois Chamber continues to have serious concerns with adoption of SSTP in Illinois, particularly absent federal legislation mandating state participation. We will continue to monitor SB 1429 and keep you informed.
Department of Revenue Issues Draft Regulations on Apportionment
The Department of Revenue recently released three new draft regulations for Illinois Chamber’s Tax Institute to review and comment. The three rulemakings address apportionment issues for Financial Organizations and Transportation Companies and also address composite return issues for pass-through entities. See the links at the bottom of this article to view the draft regulations. Please let me know if you have questions or concerns with these draft regulations so that we can respond to the Department in a timely way and address as many issues as possible before these drafts go through the formal rulemaking process.
Financial Organizations
Transportation Companies
Pass-through Entities
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