Kent Gaffney’s Take on the Veto Session

A press release from State Rep. Kent Gaffney:

Gaffney Veto Preview: Job Creation Top Priority

Lake Barrington, IL… State Representative Kent Gaffney (R-Lake Barrington) will head to Springfield next week to attend his first legislative session serving the people of the 52nd Legislative District.

With many important bills to be voted on and issues to be discussed, Representative Gaffney says his number one goal during the Fall Veto Session is to help spur job creation in Illinois.

Kent Gaffney

“Illinois’ unemployment rate is again on the rise,” said Gaffney. “We are sitting at double-digit unemployment with 660,000 people out of work. There are many important issues to address in Springfield; however they are all over shadowed by the giant elephant in the room, Illinois’ anti-business, anti-job climate.”

Representative Gaffney claims Illinois will continue to lose jobs as long as the January income tax hike is still in place. He is a sponsor of House Bill 175 which would repeal the tax hike. Gaffney says he will continue to push for HB 175 until the tax hike is repealed, yet says there are other avenues the State can take to spur job growth while he fights the Democrat tax increase.

Representative Gaffney signed on to House Bill 3811, an omnibus jobs package supported by the entire House Republican Caucus. Proposals for this package include:

  • Reinstating the Net Operating Loss deduction from 12 years to 20 years and allowing a two year carryback
  • Re-enacting and making permanent the Illinois Research and Development tax credit
  • Reducing the cost of setting up an LLC in Illinois
  • Increasing the estate tax exemption to $5 million

Key to the House Republican jobs package is the Illinois Research and Development tax credit, set to expire this year. Representative Gaffney recently signed a letter with the Illinois Manufacturers’ Association and various state leaders addressed to Governor Quinn and the four legislative leaders calling to make the tax credit permanent, ensuring job growth in Illinois manufacturing.

“The research and development tax credit is a circular job growth mechanism for Illinois,” said Gaffney. “The credit is an incentive for Illinois manufacturers to invest in researching and developing new products. This initial investment creates jobs for the engineers doing the research. Once these manufacturers have completed their research, more jobs are created to produce the product. This is a common sense approach to job creation that I believe can be achieved during this upcoming Veto Session.”

State Senator Pamela Althoff and State Representative Mike Tryon also spoke in favor of the Research and Development tax credit:

“Extending the research and development tax credit is absolutely critical to any approach we take to create jobs in our state,” said Althoff. “Numerous studies conclude that for every one dollar spent on research, two dollars are returned to the Illinois economy. The State of Illinois is in desperate need of initiatives of this nature.”

“Enacting the long-term Research and Development tax credits goes a long way toward supporting existing businesses and attracting new businesses in Illinois. These are the types of incentives that we need to be looking at if we are going to stop the flight of jobs from Illinois to other states,” said Tryon.


Comments

Kent Gaffney’s Take on the Veto Session — 4 Comments

  1. Finally someone out there is talking about JOBS. It is as if all other politicians are clueless. This is music to my ears compared to McSweeney’s airbrushed mail pieces.

  2. Garret Hill (aka CommonSense), it’s nice to see your cheerleading comments regularly on the McHenry County Blog.

    I hope your not posting any of these comments on state time… and speaking of campaigning with taxpayer dollars, those airbrushed townhall mailers with Kent Gaffney’s name all over them… they look really nice.

    The huge “Gaffney” type resembles a campaign mailer… or same type font on your billboards covering Rte 14.

  3. You’ve got five months to tell us why our state representative should be imported from Springfield.

    School away my friend, just don’t do it on the tax payers dime.

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