IIFS Blog Archive: August 2010
08.27.10
Illinois' Build America Bond Subsidy Could Face Offset Risk
A recent report shows that nearly all the bond subsidies promised under the Build America Bond (BAB) program are being paid by the federal government to issuers applying for the credit without significant administrative delay. The BAB subsidy, equal to 35% of the interest cost of qualified...
08.19.10
State of Illinois Owes $730 Million in Corporate Tax Refunds
It’s no secret that the financially troubled State of Illinois owes billions of dollars in unpaid bills. What is not as widely known is that the State also owes $730 million in corporate income tax refunds, according to the Illinois Department of Revenue. Unlike unpaid bills, unpaid tax...
08.11.10
What Governor Quinn’s Infusion of Capital Cash Means for the CTA
Illinois Governor Pat Quinn recently announced his plans for $500 million in mass transit infrastructure improvements across the State. $442.7 million of that will go to the Regional Transit Authority for repairs to the Chicago Transit Authority’s rail infrastructure, the rehabilitation of...
08.06.10
Governor Reveals FY2011 Agency Budget Cuts
Roughly a month ago, on July 1, 2010, Governor Pat Quinn announced that he planned to cut $1.1 billion from the $26.0 billion FY2011 State of Illinois budget previously approved by the General Assembly. At that time, the Governor did not say where $891 million of those spending cuts would be made....