Ag Sales Tax Update
The Illinois House Revenue Committee defeated two amendments to SB 4 that would have put a sunset date of December 12, 2012 on nearly all sales tax exemptions and credits, including the exemption for ag chemicals, feed, seed, fertilizer and farm machinery and equipment. As of now there is no legislation in play to remove these exemptions but we are carefully watching the developments at the state capitol. Thank you to everyone who contacted their state representative to oppose amendments #1 and #2 to SB 4. SB 4 is a good piece of legislation that seeks to provide certain tax credits to a tire manufacturer in the Mt. Vernon area to keep them from leaving the state.