* 12:50 pm - I told subscribers about this already, but Rep. Roger Eddy is Tweeting from inside a meeting with Downstate lawmakers and Gov. Pat Quinn and just Tweeted this…
The Governor is here and says he will sign the capital bill on Monday.
That’s true.
* 1:39 pm - Another Tweet from Rep. Eddy inside the meeting with Quinn…
Gov. Quinn says he will present his specific plan for economic stabilization & recovery in drafted language tomorrow.
24 minutes ago from web
Not sure what the heck that means yet.
* 2:03 pm - From a press release…
The Illinois State Legislature’s $375 million revenue estimate from a new tax on video gaming is at least $165 million too low, according to a new study of other states with legalized video gaming machines. Citing this new data, Illinois’ hospitality industry again called on Governor Quinn to veto the proposed alcohol tax hike, saying that the legislature’s under-accounted for windfall would more than cover any alcohol tax gains.
“Each extra dollar of revenue from gaming represents one more reason not to punish the state’s struggling hospitality industry through higher alcohol taxes,” said Distilled Spirits Council Vice President Dale Szyndrowski, who noted that Illinois’ hospitality industry has already lost over 18,700 jobs in the past year due to the recession. “A tax on alcohol hurts the restaurant, hotel and tourism industries and will destroy thousands more jobs among those least able to afford it.”
The new study, conducted by Arduin, Laffer & Moore Econometrics (ALME), found that based on the experiences of other states that have legalized video gaming, the Illinois State Legislature’s $375 million revenue estimate is far too conservative. ALME estimated that the average revenue experience from other states could justify revenues of at least $540 million – or, a $165 million tax revenue windfall for the state of Illinois. The report found revenue forecasts could be as high as $1.7 billion.
Another point that could be made is, why not use the “extra” revenue for more projects or to balance the state budget?
…Adding… Here’s the study.
* 2:31 pm - The Tribune starts to catch up…
State lawmakers who met privately with Gov. Pat Quinn today said he told them he now plans to sign a $29 billion statewide construction bill next week.
If he does, it would mark the latest change of heart for Quinn, who has been criticized by fellow Democrats for flip-flopping as politicians try to come up with a solution for Illinois’ latest budget impasse. Quinn previously has tied signing the construction bill into law to a budget deal.