SPRINGFIELD, Ill. (AP) -- A revised version of Governor Rod Blagojevich's (bluh-GOY'-uh-vitches) proposed business tax includes property tax relief.
The new plan increases the tax on business gross receipts to bring in seven (B) billion dollars per year. That number is up from a six-(B)-billion-dollar yield in the original plan.
Under the new proposal, people who own real estate in areas with high property values would get up to a 200-(M)-million-dollar reduction in taxes paid to local schools.
Another 600 (M) million dollars would go to areas with lower property values and higher property taxes.
Proponents say the tax would do a better job at gathering revenue in a changing economy.
But business groups say the new plan will drive up consumer prices and discourage companies from doing business in Illinois.