Our communication vehicles, TFI report from the Capitol, Tax Facts, and update conference calls keep our members abreast of current tax and fiscal issue developments here in Illinois.
The Federation’s three major events of the year, the Spring Legislative Conference, our Annual Meeting in June and the Illinois State and Local Tax Conference held in September are major opportunities to have face to face contact with decision makers and leading tax and government affairs professionals.
The Board of Trustees of the Federation rely on its advisory committees to formulate its policy positions on tax and fiscal issues facing Illinois’ political leaders. Participating in one of the Advisory Committees is one of the most valuable benefits of Federation membership. There are four subject matter committees: Income/Franchise Tax; Sales and Excise Tax; Property Tax; and, Government Structure and Spending.
These committees have been established to scrutinize current and proposed legislation, relevant regulations, and, administrative practices. The work and findings of the committees allow the Federation to be fully engaged with Illinois policy makers and to provide them with sound and trusted advice to address current tax and fiscal issues. The subject matter committees were formed to address the major areas of state and local taxation and how government spends and its structure. Each committee is responsible for proposing positions to the Federations Board of Trustees for consideration. The Board ultimately adopts policy positions on a broad array of issues.
The Income/Franchise Tax Committee assesses and proposes modifications or reacts to others proposed modifications to Illinois income and corporate franchise tax laws. This committee reviews the tax base, unitary group membership provisions, apportionment/allocation of the tax base, nexus standards, and tax credits.
The Property Tax Committee focuses on valuation determination and methods; valuation protest procedures; equalization procedures; exemptions and assessment freezes; plus, tax levy and extension procedures and limitations.
The Sales and Excise Tax Committee evaluates and proposes modifications, regulations and administrative interpretations as they relate to Illinois sales and excise tax laws. Issues include the tax base, both property and services, exemptions from the tax base, rate of tax, local authority to impose tax, sourcing rules, and nexus standards.
The Government Structure and Spending Committee evaluates the programs and services of Illinois’ state and local governments as well as Illinois’ government structure and service delivery system. The committee also evaluates the levels and purposes of expenditures of state funds and reviews the accounting methods and budget procedures. The goal is to provide a high level of transparency over government expenditures.
Although all of the subject matter committees review the impacts on all of Illinois’ businesses, certain sectors identified a need to have a structure to evaluate industry specific issues. As a result the Board created the following specific industry committees Financial Organizations, Insurance, Transportation and Utilities.
The subject matter committees generally meet four times a year while the industry committees meet as issues of concern are identified. The meetings are usually held in the Chicago area. Telephone conferencing is available for those participants who can not physically be present.
The committees often create sub-committees to develop background information and action options on identified issues. The sub-committees normally use teleconferencing to develop their analysis. Once complete, the findings become a significant portion of committee agenda items.
These advisory committees provide you and your associates a voice in steering the Federation’s position on State of Illinois tax and fiscal policies.
For more information on committee participation and activities contact the Federation at email@example.com or by calling 217.522.6818.
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