Illinois House Republicans unveiled a jobs plan today that they say is needed to boost job growth and keep businesses in-state.  The plan calls for increasing the estate tax exemption by $3 million.  It also seeks to reduce the fee for setting up a limited liability corporation to $100.  House Republican Leader Tom Cross says the jobs plan is needed to make Illinois more competitive with nearby states:

“Michigan does not have an estate tax, Iowa does not have one, Missouri doesn’t have one, Indiana has one, and Wisconsin is at $5 million,” Cross says.

“So there’s no reason just on that particular one, that we shouldn’t be consistent.  If you look at the cost to form a corporation, if you’re in Indiana its $85, Missouri, Iowa and Michigan its $50.  Again we drop down to $100, and we think it’s realistic. 

The jobs blueprint also proposes to re-instate a policy that allows businesses to use their net operating loss as a tax deduction.  It also calls for extending the life of current Enterprise Zones by up to 20 years and making the state research and development tax credit permanent.  Cross says the plan could generate up to $700 million in revenue for every one-percentage point drop in unemployment.  He says the plan would also create about 60,000 jobs.  Cross says it does come with a nearly $500 million price tag.  He says there have been no specific talks with Democratic leaders yet on the jobs proposal.  Cross says he hopes the legislature can take up the proposal during the upcoming veto session.