IVCA Provides Updates for State Legislative Issues – 09/28/22
Illinois Venture Capital Association Illinois Legislative Report
David Stricklin / Stricklin & Associates
Wednesday, September 28, 2022
ILLINOIS AMENDMENT #1
Might the most important policy decision Illinois voters make in November be on getting relatively little attention or notice on the TV screen? Advocates call it a Workers Rights Amendment while business groups and conservative policy think tanks warn of dire consequences:
Amendment 1 DetailsBallot Question – Amendment 1WOLF IN SHEEP’S CLOTHING?
Not on the ballot precisely but surely in the minds of voters and elected officials is the ongoing debate over cash bail and other criminal justice reforms approved in early 2021 which are to go into practice beginning January 1, 2023. Wise, thoughtful reform to systemic injustice or opening communities to a wave of predatory criminals? You’ve seen the TV ads, and so have legislators running for office, who now say they’ll make some changes when they return to Springfield in November:
Senate Bill 4228 was introduced by state Sen. Scott Bennett, D-Champaign, and aims to clarify language and improve how officials can enforce the new law, which will allow most people charged with a crime to be released from jail as they await trial, even violent offenders.
All sides of the emotional debate on this pending law raise valid points here and there. But the high-octane rhetoric overshadows some very real flaws in this gigantic legislation.
MARKET DOWNTURN HITS PENSIONS
Strong performance by the stock market has helped buoy pension funds across the state. Is the recent reversal in the major indexes a blip or the asteroid:
Indianapolis, San Francisco and Washington, D.C. have more assets in their pension trusts than liabilities, while Chicago continues to be an “outlier” with the highest current pension costs and net pension liabilities of the surveyed cities.
GAMBLE ON WAGERING PAYS OFF
Receipts from legal gambling in Illinois increased nearly 40% in FY22 over FY21 as COVID restrictions eased and bettors were eager to try their skill, or luck, in the wide array of opportunities afforded in the state. A Chicago casino will someday add to that smorgasbord of options which brings in big bucks for the state:
The House Always Wins
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