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Archive for the ‘legislative affairs’ Category
#AuroraChamber News: Still Time to Register for Friday’s Events
Monday, October 15th, 2018
News, Updates for October 2018 from Your #AuroraChamber
Tuesday, October 9th, 2018|
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#AuroraChamber Announces New Programs, Members
Tuesday, September 18th, 2018|
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W-2 Wage Earners Should Do a Paycheck Checkup ASAP
Monday, September 17th, 2018The IRS urges everyone who works as an employee and has income from other sources to perform a Paycheck Checkup. This includes income from sharing economy activities, interest, dividends, self-employment, capital gains, or prizes and awards.
A Paycheck Checkup can help you avoid receiving a lower refund, an unexpected tax bill or underpayment penalty when you file your tax return next year.
You can do a checkup using the IRS Withholding Calculator or Publication 505. This is especially important in 2018 due to tax changes taking effect this year.
You can pay taxes throughout the year anytime.
An Estimated Tax Payment in 2018 Could Help Avoid a Penalty in 2019
Monday, September 17th, 2018Taxes must be paid as you earn or receive income during the year, either through withholding, estimated tax payments or a combination of both. A Paycheck Checkup using the IRS Withholding Calculator can help you see if you need to make an additional payment to avoid an unexpected tax bill or underpayment penalty when you file your tax return next year.
You may need to make estimated payments if you:
- have multiple jobs—especially if you don’t have each employer withhold taxes
- are self-employed or an independent contractor
- are a representative of a direct-sales or in-home-sales company
- participate in sharing economy activities where you are not working as an employee
- receive pension income
Visit IRS,gov to learn more.
Ways and Means to Vote on Tax 2.0 Package
Friday, September 14th, 2018On Sept. 13, the House Ways and Means Committee passed its “Tax 2.0” package that would make permanent already-passed tax changes for individuals and small businesses and make it easier for families to save for retirement.
Ways and Means Committee Chairman Kevin Brady (R-TX) said the three bills that make up “Tax 2.0” collectively build on the economic success of last year’s Tax Cuts and Jobs Act.
Chairman Brady noted that Tax Reform 2.0 is the Committee’s commitment to ensuring our tax code remains the most competitive in the world:
“We must keep building off the momentum from last year’s tax reform to ensure our economy keeps booming. That’s why we’re here today to change the culture of Washington – from one that waits an entire generation to fix a broken tax code to one that keeps our code ahead of the pack and the best in the world.”
“So, while Tax Reform 1.0 was about changing the trajectory of the economy, Tax Reform 2.0 is about changing the culture in Washington. That starts with today’s important update to our code.”
According to ASAE: The Center for Association Leadership, the first bill in the package (H.R. 6760) makes permanent the cuts to individual tax rates that took effect this year and locks in other changes that are set to expire at the end of 2025. That includes the $10,000 cap on state and local tax deductions, which raised an outcry in certain high-tax states like California, New York, and New Jersey. Democrats in those states have made the SALT cap a campaign issue, arguing that the provision will cost their constituents billions in annual tax deductions.
The second bill in Tax 2.0 (H.R. 6757) focuses on changes to retirement and education accounts. The bill removes the age limit on individual retirement account contributions would exempt people with less than $50,000 in their retirement accounts from taking required minimum distributions.
The third bill in the package (H.R. 6756) would let new businesses deduct up to $20,000 in start-up expenses in the year they are incurred as long as they meet certain qualifications.
Speaker Paul Ryan (R-WI) has said he wants a floor vote on Tax 2.0 by the end of the month. Even if the legislation passes the House, however, it’s expected to stall in the Senate.
The Joint Committee on Taxation estimated the cost of the Tax 2.0 package at $657 billion. That’s on top of the $1.5 trillion cost of the first round of tax cuts over the next decade.
A New Look for Your #AuroraChamber News
Tuesday, September 4th, 2018|
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Gov. Rauner Takes Action on Several Bills
Friday, August 31st, 2018The last two weeks have been a busy two weeks for bill action by the Governor. Tuesday marked the 60-day deadline for the Governor to act on many pending bills on his desk. Currently, there are only two bills remaining that need action — most notably the Wage History bill (HB 4163).
Bills Vetoed or Amendatory Vetoed by the Governor
This week, Gov. Rauner issued an amendatory veto on SB 904 (Hastings/Hoffman). This bill would have allowed medical providers to pursue the 1% per month interest penalty on unpaid workers’ compensation medical bills in circuit court. While there are elements of the legislation that merit attention, other provisions will work against the employer community in assuring medical services are necessary and the charges are reasonable. As Governor Rauner aptly noted in his AV message, “SB 904 is not reform, does nothing to assist injured workers and dramatically tips the balance in favor of medical providers in a system where Illinois has the second highest medical fee schedule in the country for overall professional services and the highest in the country for major surgery services.”
This week the Governor also amendatorily vetoed SB 1737 (Muñoz/Hoffman). As sent to the Governor, this bill does several things, among them include: updating the captive insurance regulatory structure to help Illinois overcome its competitive disadvantage in this area; adds new rate regulation for workers’ compensation insurance; increases clarity for domestic stock companies undergoing corporate divisions; establishes new regulations for short-term limited-duration health plans (STLDs) and workers’ compensation insurance; and made changes in collateral requirements to bring Illinois in equivalence with international regulatory frameworks. The Governor’s amendatory veto eliminated from the bill the new workers’ compensation rate regulation changes and the new regulation of STLD health insurance policies.
Last Friday, Gov. Rauner vetoed SB 2332 (Morrison/Lilly). This bill would raise the age to purchase tobacco products to 21. The bill also eliminates the penalties for underage possession of tobacco products.
Bills Signed by the Governor
Hailed as one of the Chamber’s legislative victories this year, the Governor signed SB 20 (Steans/Currie). This bill contains extensive procedural changes to the Illinois Humans Rights Act and significant structural changes to the Illinois Human Rights Commission to provide for full-time, professional commissioners.
Last week the Governor signed SB 3285 (Sims/Bristow). This bill creates the Illinois Home Grown Business Opportunity Act and provides that the Department of Commerce and Economic Opportunity shall develop an economic plan to assist businesses and municipalities located geographically close to bordering states.
The Governor also signed SB 2999 (Van Pelt/Conyears-Ervin). This bill requires an employer to reimburse an employee for all necessary expenditures or losses incurred by the employee directly related to services performed for the employer. It requires that the expenditure must be within the scope of employment, authorized or required and appropriate documentation is provided.
HB 1595 (Stuart/Haine) was also signed last week. This bill amends the Nursing Mothers in the Workplace Act and provides for reasonable break time (instead of “unpaid break time each day”) during the first year after the child’s birth each time the employee needs to express milk. The break time may run concurrently with any break time already provided to the employee and an employer may not reduce an employee’s compensation for time used for the purpose of expressing milk or nursing a baby. An employer shall provide reasonable break time as needed by the employee unless to do so would create an undue hardship as defined by the Illinois Human Rights Act.
And lastly, this week the Governor signed SB 336 (Harmon/Cassidy). This bill expands medical cannabis as a pilot program for patients who have received a physician certification for a medical condition that an opioid has been or could be prescribed for by a physician.
#AuroraChamber News for 08.27.2018: Tariffs, Member News, Internships
Monday, August 27th, 2018|
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‘Honor 200′ Deadline Approaches to Nominate Illinois Veterans
Sunday, August 26th, 2018Eligible are all persons who live in Illinois and have received an honorable discharge from the U.S. military. Their family and friends are invited to submit the names of eligible Illinois veterans who have accomplished significant things for their communities. The nomination form, due Friday, Aug. 31, gives the person submitting the nomination the chance to write down a list of (a) the prospective honorees’ dates of military service; (b) his or her military service commendations, awards, and decorations; and (c) his or her significant community accomplishments.
Both military commendations and community service will be taken into account in selecting a final group of honorees. The goal of the “Honor 200” campaign is to demonstrate a straight line of correlation between the abilities of Illinois service personnel to work as members of their military units and their ability and desire to use these life patterns of teamwork on behalf of the Illinois communities in which they live. “Honor 200” nominations should be sent to the Chicago office of the Illinois Department of Veterans’ Affairs. The nomination may be submitted online. “Honor 200” veterans will be recognized at Illinois’ Bicentennial Birthday Party and Gala to be held on Dec. 3, 2018.
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