After Illinois Governor Bruce Rauner (R) vetoed the Illinois budget bill (S.B. 9) on July 4, 2017, the General Assembly overrode the governor’s veto by the Senate on July 4 and by the House on July 6, 2017.
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Illinois General Assembly Overrides Governor's Veto and Enacts Budget Bill
– Income Tax Rate Increases and Other Tax Changes

After Illinois Governor Bruce Rauner (R) vetoed the Illinois budget bill (S.B. 9) on July 4, 2017, the General Assembly overrode the governor’s veto by the Senate on July 4 and by the House on July 6, 2017.  As a result, the Illinois personal and corporate income tax rate will increase, effective July 1, 2017.  In addition to other income tax changes enacted, Illinois Public Act 100-0022 also enacts certain other tax changes, including for sales and use taxes and tax liens. To read the full article please click here.

North Carolina Legislature Overrides Governor’s Veto and Enacts Budget Bill – Corporate Rate Reduction And Other Tax Changes

North Carolina has enacted a budget bill, S.B. 257, which, among other things, reduces the state’s corporate income tax rate from 3 percent to 2.5 percent, effective for taxable years beginning on or after January 1, 2019. The governor had vetoed the bill, but on June 28, 2017, the legislature overrode that veto. The budget bill also includes a franchise tax rate reduction for S corporations, a rate reduction and other changes for personal income tax, and other sales and use tax changes. To read the full article please click here.

For more information, please contact:

Anthony Ott, CPA
Director
State & Local Tax Services
614.947.5311
aott@gbq.com

 

Sara Goldhardt, CPA
Director
State & Local Tax Services
614.947.5243
sgoldhardt@gbq.com

George Vrettos, MSA, CPA
Director
State & Local Tax Services
267.559.1753
gvrettos@gbq.com

 

Kiersten Gaudet, CPA
Senior Manager
State & Local Tax Services
513.382.5496
kgaudet@gbq.com

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