House holds off on bill to tax security industry
A spending package that would increase taxes on the alarm, private investigation and security industries must wait a little longer after the House voted to delay action on the measure on Wednesday.
Seemingly unconcerned by Senate Bill 9, industry leaders remained silent when the Sangamon Sun requested comment on the measure, which passed the Senate on May 23 but was postponed for final action by the House until the end of June.
A spokesperson for the Illinois Security Professionals Association refused to comment after consulting with the leadership of the organization’s board of directors.
The Illinois Electronic Security Association did the same, citing the group's wishes to see how things “play out” before offering an opinion.
The Associated Detectives & Security Agencies of Illinois didn’t respond to calls.
SB9, proposed by Sens. Toi Hutchinson (D-Olympia Fields), Donne Trotter (D-Chicago) and Heather Steans (D-Chicago), passed the Senate on a 32 to 26 vote but met a tougher fate in the House.
According to projections, SB9 would increase taxes on the electronic security, alarm and other security services industries to extract revenues of $5 million. The money would be part of new revenue generated from other newly taxed services, like laundry and dry cleaning, storage, pest control, and tattoos and piercings, which is believed will bring in $55 million in new revenue.
The funds would be combined with billions of dollars in revenue derived from increases in personal and corporate income taxes and the cutting of three corporate tax “loopholes.”
“Every credible economic expert, sensible business leader and even Governor Rauner and his tightly controlled GOP allies have agreed that Illinois can’t simply cut its way out of the massive crisis we face,” a GOP press release on the bill asserted. “Revenue must be included. And, Senate Democrats also approved a responsible revenue package to establish certainty and stability for Illinois’ communities and our economy.”
Illinois has been identified as one of the most-taxed states in the country. The Illinois Policy Institute estimates that the combined tax rate for Illinoisans is roughly $56,000 per household, including property taxes, income taxes and other state and local taxes.
Organizations in this Story
301 S 2nd Street
Springfield, IL - 62707