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News Link • TAXES: State

It's Baaaaack: The Illinois "Privilege Tax" Bill!

• by Mark Glennon

HB 4293 would impose a 20% tax, in addition to all other taxes, on fees that are based on capital gains. Hedge funds, private equity and venture capital would all be hit - for as long as it took them to leave, that is.

It would push all those firms out immediately and decimate the financial and tech communities, which are among the few sectors thriving in Illinois.

Just by seriously considering the bill, Illinois is sending a plain message to the financial community: Leave. Expect this topic to earn national scorn once again.

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