IVCA Provides Updates for State Legislative Issues – 10/23/2024

Illinois Venture Capital Association Illinois Legislative Report
David Stricklin / Stricklin & Associates
Wednesday, October 23, 2024

MADIGAN ON TRIAL IN FEDERAL CASE

Former Illinois House Speaker Michael J. Madigan was widely recognized as the most powerful person in Illinois politics throughout his decades as Speaker of the Illinois House. The legal limits of that power are being contested in a downtown courtroom as the federal government argues companies such as AT&T and ComEd did more than just lobby the former speaker, while the defense asserts the speaker never crossed any lines and that he’s being prosecuted for the legal give and take of the legislative process. A good primer for the entire case is found here written by well-respected journalist Hannah Meisel:

MADIGAN TRIAL A TO Z

OPENING ARGUMENTS / FORMER COLLEAGUES TESTIFY

ADVISORY? REFERENDUMS ON YOUR BALLOT

Illinois voters are essentially being polled on several broad questions which could give policy makers feedback on at least one key question – raising the income tax to pay for property tax relief. The conservative Illinois Policy Institute has an analysis which argues the concepts being tested in the ballot question fall short of a solution:

DOES TAX HYPOTHECIAL ADD UP?

However, analysis of Illinois state finances shows the massive tax hike would still come up more than $2 billion short of being able to provide Illinoisans with property tax relief. According to the state’s most recent projections, Illinois needs to dedicate nearly $4.9 billion more on an annual basis to the five state-run pension plans to make an actuarially sufficient contribution and begin paying down the state’s unfunded pension liabilities. The questions you’ll see on your ballot:

• Election Worker Protection and Candidate Accountability Referendum Act: “Should any candidate appearing on the Illinois ballot for federal, State, or local office be subject to civil penalties if the candidate interferes or attempts to interfere with an election worker’s official duties?”
• Property Tax Relief and Fairness Referendum Act: “Should the Illinois Constitution be amended to create an additional 3% tax on income greater than $1,000,000 for the purpose of dedicating funds raised to property tax relief?”
• Assisted Reproductive Health Referendum Act: “Should all medically appropriate assisted reproductive treatments, including, but not limited to, in vitro fertilization, be covered by any health insurance plan in Illinois that provides coverage for pregnancy benefits, without limitation on the number of treatments?”