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SPRINGFIELD, Ill. (AP) - Backers of a plan to change Illinois' income tax structure say they've collected more than 150,000 signatures from supporters.
The (Springfield) State Journal-Register reports that members of the group A Better Illinois say they hope to keep collecting signatures on their petition through the spring. They want to convince lawmakers to put a constitutional amendment on the 2014 ballot. The amendment would allow the state to adopt a graduated or "progressive" tax.
Under a graduated tax, higher earners pay a larger percentage of their income than middle and lower-class taxpayers. It's similar to the federal income tax structure.
Illinois' Constitution currently requires a flat income tax. Changing it would require a three-fifths vote in the Legislature and approval by voters.
The taxman is back today for those of you who filed an extension with the IRS in April.
Today is the deadline to file those returns. October filers won't be seeing their returns immediately, the IRS says it will not issue refunds until the government shutdown is over. More than 90 percent of IRS workers are currently furloughed.
JEFFERSON CITY, Mo. (AP) - Some Republicans in the Missouri House say a veto override appears likely for a high-profile gun bill, but the odds remain uncertain for a tax-cutting measure after a meeting of GOP lawmakers.
House Republicans who attended a private weekend caucus said Monday that there was a lot of discussion about the income tax cut vetoed by Democratic Gov. Jay Nixon.
The bill's sponsor, Rep. T.J. Berry of Kearney, says he feels more optimistic about the prospects of an override. But the meeting may not have changed too many minds. Rep. Don Phillips, of Kimberling City, says he still plans to vote "no."
Rep. Doug Funderburk, of St. Peters, says his bill attempting to nullify some federal gun-control laws received little Republican opposition and appears poised for a veto override.
JEFFERSON CITY, Mo. (AP) - Gov. Jay Nixon has vetoed legislation that would have reduced Missouri's income tax rates for the first time in more than 90 years.
The legislation vetoed Wednesday had been touted by the Republican-led Legislature as a way to keep Missouri economically competitive with neighbors such as Kansas and Oklahoma that have cut taxes.
But Nixon cited concern about an apparent mistake in the legislation that would have repealed an existing sales tax exemption on prescription medicine. The Democratic governor also has raised concern that the lost income tax revenues could hurt funding for education and mental health services.
The bill would have gradually reduced corporate and individual income tax rates while also creating a new deduction for business income reported on individual income taxes.
JEFFERSON CITY, Mo. (AP) - Gov. Jay Nixon has indicated that he's likely to veto legislation that would cut Missouri income taxes for businesses and individuals.
Nixon said Friday that he has "serious concerns" about the income cut passed a day earlier by the Legislature. He called it fiscally irresponsible and said it could jeopardize funding for higher education, prisons and other government services.
The tax cut was a priority of the Republican-led Legislature and is meant to counteract recent income tax reductions in Kansas.
The Democratic governor estimated that it could eventually drain more than $800 million annually from state revenues.
The measure would essentially cut the income tax in half for businesses and reduce the top tax rate for individuals from 6 percent to 5.5 percent over the next decade.