#48 Illinois
#46 in Taxation and Regulation
#44 in Workforce Quality
#45 in Living Environment
Right to Work? ✗
Regional Profile – Midwest
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Key Industries
Advanced Manufacturing, Aerospace & Defense, Biotech, Clean Energy, Optic/Photonics
Key Companies
Abbott Laboratories
Allstate Corp.
Archer Daniels Midland
Boeing
Deere & Co.
McDonald’s Corp.
Sears Holdings
State Farm
Walgreen
Advantages
Illinois could increase its gross domestic product by 7 percent, or $60 billion, over the next decade if it narrows the gender gap that keeps women from reaching their full economic potential, according to a new report from the McKinsey Global Institute.
Challenges
Illinois is considering converting the state’s single-rate individual income tax into a four-bracket tax with a top rate of 9.75% on individuals and 11.25% on small businesses.
Had Illinois’ gross domestic product grown at the same pace as the national average since 2003, workers would have produced an additional $64.6 billion in products and services in 2014. The point: Illinois needs to grow its tax base, not its tax rate, according to the Illinois Policy Institute.
Key Contacts
Business & Economic Development Council
David Pierson, representative
312-814-1346
100 W. Randolph Street,
Suite 3-400,
Chicago, IL 60601
David.Pierson@illinois.gov
http://www.illinois.gov/dceo/Pages/default.aspx
CEO Comments
“Illinois continues to tax heavily and politicians continue to destroy opportunities for employees and businesses. It’s a terrible combination, which leads to the exodus we see in both families and businesses.”
“The Illinois budget crisis is approaching catastrophic proportions and will soon impact the quality of living in the state for middle income and moderately higher income families. This budget crisis will also affect the school systems … and force several state colleges and/or universities to close. … The impending reduction in credit rating for the state will also cause the state to pay higher interest rates, thereby further damaging the state’s ability to pay its bills.”
“The governor is trying to improve the state, but the legislative leadership refuses to allow changes which will improve the business climate in the state.”
Current Developments
2015 Regional Report: The Midwest
November 13, 2015
State Tax Competitiveness Is Compared in Newest Tax Foundation Study
December 9, 2015
CEO of the Year: Boeing’s Jim McNerney is the “Portable Performer”
March 1, 2016
Illinois: “Policies in Springfield Are Holding the State Back”
May 7, 2015