ILLINOIS (Indiana’s NewsCenter) - Budget problems in Illinois are driving up income and corporate taxes, which could have an impact on a local company re-locating to the Chicago area.
The Illinois legislature and governor have approved an income tax hike from 3 to 5 percent, and a corporate tax increase to 7 percent to address billions in state deficits, and other fiscal challenges.
Navistar which is moving its Fort Wayne Engineering and Tech Center and hundreds of jobs to the Chicago suburb of Lisle, will be hit by the tax hikes.
The bills also includes strict limits on new government spending.
Illinois State Rep. Barbara Flynn Curry says, “This isn't like new money, it's time for a field day. This is to get us out of a very deep and very unpleasant hole, where we happen to find ourselves today."
A Navistar spokesman said the company has no comment about the Illinois tax move.
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