A press release from Republican candidate for State Representative Steve Reick:
Steve Reick Calls Out Jack Franks for Voting to Hike a Tax
A press release from Steve Reick, the Republican candidate for State Representative against incumbent Jack Franks:
Reick Discloses Jack Franks’ Vote for $100 Million Tax Increase
Claims that 8-Term Incumbent Broke No-Tax Pledge
Steve Reick, the Republican candidate for the Illinois General Assembly for the 63rd District blasted Jack Franks’ vote on May 21 to impose a tax on companies which self-insure their own risks.
“While Illinois struggles to keep businesses from leaving, Jack Franks voted for a bill that puts additional burdens on companies that choose to self-insure against risk by owning ‘captive’ insurance companies,” said Reick.
“Companies such as ADM, which have threatened to leave the State due to its unfriendly business climate, now have another reason to find a friendlier place to do business.”
The bill (SB3324) imposes a new 3.5% premium tax on payments to captive insurance
subsidiaries, and will raise at least $100 million a year for the state, according to an estimate by Mark Denzler, a lobbyist at the Illinois Manufacturers’ Association.
“On his own website, my opponent makes the claim for having never, and he
emphasizes never, supported a tax increase during his time in public service.
“We need a Representative in Springfield who’s going to put that job first and will do what is needed to make Illinois more attractive to business, and not pile additional taxes onto already overburdened companies.”