Performance Improvement Perspective: Obsolete Inventory
With the passage of Senate Bill 9 on July 7, 2017, Illinois made substantial changes to its treatment of unclaimed property. These changes affect the reporting responsibilities of unclaimed property holders, including the types of property covered by the law. The following is FGMK’s overview of the state of unclaimed property law in Illinois for …
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Governor Pritzker’s Fair Tax for Illinois and Graduated Income Tax Plan
On March 7, 2019, citing Illinois’ dire fiscal condition, Governor J.B. Pritzker unveiled the details of his “Fair Tax for Illinois” plan, commonly referred to as the “Fair Tax.” Governor Pritzker’s proposal highlights four elements: a graduated personal income tax regime; an increase to the corporate income tax rate from 7% to 7.95%; a 20% …
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