Lawmakers Deliberate Music Industry Tax Break
Concerns Mount Over Expired Tax Credits as Legislative Session Nears Conclusion
According to Center Square, as lawmakers gather for the final part of their session they’re focused on the state budget but they’re also looking at more tax breaks. In a recent meeting of the Senate Revenue Committee they talked about a tax break for the music industry. State Senator Sara Feigenholtz from Chicago, says it’s importan, especially after the pandemic. She thinks this music industry tax break could encourage more live music and music education.
One idea on the table is Senate Bill 3395 which would give credits to music industry companies and set up the Music Education Scholarship Act. Another proposal is the Illinois Gives Act in Senate Bill 172 which would give a music industry 25% tax break for donations to community foundations. Feigenholtz says this is crucial because of changes at the federal level. Meanwhile, there’s concern about an expired tax break called the Invest in Kids credit which used to give a big tax break for donations to school choice scholarships. Darnell Starks, who has grandchildren benefiting from this program worry about what might happen without it. Lawmakers have until May 24 to wrap up their session although they have extra days if needed. They have to pass a budget by May 31 and they’ve got a lot on their plate with these tax issues.
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Illinois Lawmakers Debate Music Industry Tax Breaks through Budget Session: A Closer Look at Senate Bills 3395 and 172! (PHOTO: Illinois Senate Democrats)
Tax Credit Proposals Highlight Legislative Agenda
Furthermore, there’s talk about Senate Bill 3273 which suggests letting people deduct their donations to community foundations helping workers pay off student loans from their state taxes. Despite these efforts, worries remain about bringing back important credits like the Invest in Kids tax break. People are unsure and worried about what might happen without it. This puts more pressure on lawmakers to figure out solutions that really help those struggling financially or they need the music industry tax break. It’s a tight schedule and many are watching to see what decisions they’ll make in the coming weeks.
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