IVCA Provides Updates for State Legislative Issues – 1/8/2025

Illinois Venture Capital Association Illinois Legislative Report
David Stricklin / Stricklin & Associates

Wednesday, January 8, 2025

MORE WORK TO BE DONE

IVCA worked closely with the Illinois Taxpayers’ Federation to pass an amendment during the “Lame Duck” legislative session just concluded to enable certain members of partnerships to claim a credit for taxes paid in other states. IVCA has worked with the Illinois Department of Revenue to iron out this wrinkle which resulted for the expanded partnership definition passed in 2023. Measures such as this are often best suited for larger, omnibus bills which address a dozen or so similar situations, and that environment did not exist during the last week of session. IVCA will introduce the legislation again and will continue to bring a final resolution to this issue. If you would like more information, please contact IVCA Executive Director Christie Pruyn and we will be happy to provide a more complete explanation and forecast for 2025.

DRAMATIC DECISION IN MADIGAN TRIAL

Most high profile trials in the federal system end without the defendant taking the stand in their own defense. Yesterday and for the next week or more former Illinois House Speaker Michael J. Madigan is testifying in his trial on charges of public corruption. The “82 years young” former speaker as he described himself was for many years the most powerful political figure in Illinois, outlasting governors and mayors along the way and running the Illinois House in a way which earned him the nickname the “velvet hammer.”

SPEAKER TAKES THE STAND

SPEAKER ASSERTS HIS INNOCENCE

But on Tuesday, the jury was finally able to fully observe Madigan – including the mannerisms and idiosyncratic speech patterns his attorney has accused the feds of willfully misinterpreting – as he took the stand in his own defense. “Did you ever trade your public office for private gain?” Madigan attorney Dan Collins asked his client almost immediately after beginning his line of questioning early Tuesday afternoon. “No,” Madigan said, turning to the jury as he gave his answer. “Did you ever demand a thing of value in exchange for a promise to take official action? ”“No,” Madigan replied again before giving the same answer when asked if he’d ever accepted a “thing of value” in exchange for such a promise. Collins repeated similar bursts of questions several more times before trial adjourned for the day, often pausing after the former speaker’s final denial, letting his “no” hang in the air before moving on to the next subject area.

GOVENOR SUFFERS MAJOR LEGISLATIVE DEFEAT

Illinois Governor JB Pritzker went all in on moving a bill in the “lame duck” session to regulate hemp products and ended up short of victory. This is remarkable since the governor has shown an ability to get most if not all of what he wants out of the legislature on issues of primary importance to him. Adding to the intrigue was a reportedly raucous caucus meeting of House Democrats where some members excoriated the governor’s staff presenting the merits of the bill.

Chicago Mayor Brandon Johnson weighed in against the governor’s efforts, which had easily passed the Illinois Senate but ran into a speed bump in the House.

HEMP BILL LEADS TO OPEN WARFARE IN CAPITOL

NEW LEGISLATURE BEGINS

Today at Noon the 104th Illinois General Assembly will be seated. The house will have the same speaker and the same number of Democratic members, 78 out of 118, and the Senate will have the same president and the same number of Democratic members, 40 out of 59. This general assembly starts with a huge budget cloud hanging over the proceedings with an estimated budget gap of some $3 billion to be addressed.

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