Third Way Out of State Budget Impasse Emerges

Change in Corporate Income Tax Floated

“Tax loopholes": it’s a nebulous phrase that often gets tossed around, but nobody really knows what it entails. Chicago Tonight has learned that a new bill will be filed, perhaps this week, by Democratic state Rep. Jack Franks. According to Franks’ estimates, that bill would close $3 billion in loopholes and will bring in new revenue without cuts or tax hikes.