Dear Members:
As part of their November 3 Presidential Election ballot, voters across the State of Illinois will decide on an amendment proposing to change Illinois’ Constitution to allow state lawmakers to adopt a graduated (or progressive) income tax formula over the current flat tax rate.
Proponents of the “Fair Tax” amendment favor that those who earn more paying more in taxes, or their fair share, while opponents—the Illinois Chamber of Commerce, Illinois Policy Institute, business associations and others—fear that the amendment will hand legislators a “blank check” on income tax hikes for all residents down the road.
Click HERE to view Graduated Tax Town Hall meeting featuring Ralph Martire, President of the Center for Tax and Budget Accountability and former State of Illinois Comptroller Leslie Munger, as co-hosted by the Highland Park Chamber of Commerce, Small Business Advocacy Council (SBAC) and Illinois Association of Chamber of Commerce Executives (IACCE).
Since Illinois’ income tax was first instituted in 1969 (then only 2.5 percent), our Constitution has mandated that any income tax must be imposed at a single rate (currently 4.95 percent) for all individual taxpayers, regardless of their income.
The amendment will need either the approval of 60 percent of voters voting on the question, or greater than 50 percent approval from all voters who cast election ballots.
As proposed, taxpayers earning more than $250K annually will pay the higher rates of 7.75 percent, 7.85 percent ($350K) and 7.99 percent ($1 million), while an estimate 97 percent of residents will pay 4.95 percent or even less. The corporate tax rate will increase to 7.99 percent, up from seven percent (not counting a replacement tax of 2.5 percent).
Guestimates on increased income tax revenue are at $3.6 billion from individuals and $350 million from businesses versus Illinois’ $6 billion-plus in unpaid liabilities.
Illinois’ flat rate ranks lower than bordering states Iowa (8.53 percent), Wisconsin (7.65 percent), Missouri (5.4 percent) and Kentucky (5 percent), with only Indiana (3.23 percent) lower, and compares favorably among 43 states that levy individual income taxes.
Illinoisans pay the nation’s second-highest property taxes (New Jersey ranks No. 1) at $2.4K for every $100K in home value and the average state and local sales tax burden in Illinois is 8.78 percent, according to a study by Kiplinger, a financial forecasting service.
At its monthly meeting on October 13 in the second-floor Hammersmith Community Room at Community Bank of Elmhurst, ECCI’s Board of Directors will consider a recommendation from the Governmental Affairs Committee to support the Illinois Chamber’s opposition position based on the negative impact on small business and our state’s history of financial mismanagement.
Business Interruption Grants
In late September, Illinois Department of Commerce & Economic Opportunity’s (IDECO) opened Phase 2 of its Business Interruption Grant (BIG) Program, with Accion serving as IDCEO’s grant administration partner. Click on the grant link above for information covering an Overview, Heavily Impacted Industries, Eligibility Factors and Key Priorities, Outreach and Techincal Assistance, Timeline and Application.
Funded through our state’s allotment of the federal $2.2 trillion Coronavirus Aid, Recovery and Economic Stability (CARES) Act, BIG Round 2 has $200 million in funding available for small businesses that experienced losses to the COVID-19 Pandemic. Some 2,800 businesses received $49 million in grants in Round 1, which focused on restaurants, personal care services, gyms, fitness clubs and businesses in severely and disproportionately impacted areas.
2021 Elmhurst Community Directory
Our Chamber has again contracted with the Elmhurst Suburban Life/Shaw Media to produce the 2021 Elmhurst Community Directory, with some 19,200 copies Every Door Direct Mail delivered to every resident, business and Post Office Box address in Elmhurst next January. Some 50 percent of display advertising space is already booked. Click HERE to book your display advertising space online or contact Bill Korbel by phone at (630-427-6230) or e-mail.
Monthly Networking Events
ECCI remains among a few chambers represented in the West Suburban Chamber of Commerce Executives group staging monthly networking events in compliance with Restore Illinois Phase 4 health and safety guidelines during the Coronavirus (COVID-19) Pandemic. Doc’s Victory Pub will host the Business After Hours on Tuesday, October 13, from 5 to 7 p.m. and Park Place of Elmhurst will host the Membership Breakfast on Wednesday, October 28, from 8 to 9 a.m. Thanks to Fitness Formula Club and Elmhurst American Legion THB Post 187 for hosting our September 3 BAH and September 11 Membership Breakfast, respectively.
72nd Annual Golf Outing
Thanks to all of those members who played in and/or sponsored “Networking on the 9s,” our Chamber’s 72nd Annual Golf Outing held at Sugar Creek Golf Course in Villa Park on September 16. Click HERE to view Golf Outing photo page.
Sponsors included Park Place of Elmhurst (corporate and non-exclusive hole), Al Piemonte Buick GMC (corporate), Edward-Elmhurst Health (corporate), Larry Roesch Family Auto Group (golf carts), CB Health Insurance and See Your House Right Here @Properties (both beverages), Elmhurst University (putting contest), Hinton Insurance Agency – Farmers Insurance (hole), The Stevens Group (signage), Community Bank of Elmhurst, City of Elmhurst Economic Development Commission, Elmhurst Park District and Elmhurst University Bluejay Backers.
Happy Anniversary
Six members are celebrating Chamber anniversaries in October as follows: 45 years—House of Glass; 35 years—L.W. Reedy Real Estate; 20 years—Elmhurst Orthopaedics and Visser Heating & Air Conditioning; 10 years—Tree of Life Wellness Center; and 5 years—Orangetheory Fitness.
New Members
The Chamber welcomed three new members in September as follows: Elm Graphics, Equity Property Investments and Mind & Body EsSCENTials.
Dropped Members
The Chamber said goodbye to the following eight members in September: CBD Kratom Shop, Cottage Hill Station, Do It Together Workshops, Elmhurst Children’s Assistance Foundation, Fireplace & Chimney Authority, Konica Minolta Business Solutions, Paychex and Stardust Bowl.