Dear Members:
Racing up to the May 31 Illinois General Assembly session deadline and then through last weekend’s overtime, both the House of Representatives and Senate passed ground-breaking legislation to expand gambling, legalize cannabis use and sales (marijuana), change the state’s Constitution to allow a graduated income tax and fund $45 billion in transportation infrastructure projects—all supported by first-year Governor J.B. Pritzker and integral to his $40 billion state budget proposal.
Expanded gambling—which includes legalized sports betting for the first time, an increase in the number of casinos (including Chicago’s first site) and increased video gaming—is projected to generate more than $12 billion over the next six years.
In addition to previous licensed medical marijuana use, Illinois is sent to become the 11th state to legalize cannabis and the first state with legislature-approved commercial sales.
Illinois residents age 21 years and older may possess up to 30 grams of flower, five grams of cannabis concentrate or 500 milligrams of tetrahydrocannabinol (or THC)—a crystalline compound that is the main active ingredient for producing a “high”—in a cannabis-infused product such as gummies and lotions.
Stores across the state, including here in Elmhurst, are legally selling cannabidiol (CBD) products, using a naturally occurring compound found in the resinous flower of cannabis.
Municipalities and counties may ban cannabis businesses (not individual possession) within their borders, while any person, business or landlord may prohibit cannabis use on private property (colleges and universities included).
Transportation infrastructure projects will be funded from higher taxes on motor fuel, vehicle registration, cigarettes, parking and more. Effective July 1, the state’s gas tax will double to 38 centers per gallon from the current 19 cents, and will increase automatically based on the rate of inflation. The annual vehicle registration fee will increase by $50, while buses, trailers and oversized vehicles will pay $100 more.
Supported by the Illinois Chamber of Commerce supported, the gas tax increase is projected to generate $1.2 billion—split almost evenly between the state ($560 million) and local governments ($650 million)—with the average driver paying an estimated $100 more in the first year.
As part of the legislation, Chicago can increase its local gas tax by three cents per gallon, both Lake and Will counties can impose a gas tax of up to eight cents per gallon, and DuPage, Kane and McHenry counties can double their per-gallon tax on gas from the current four cents to eight cents.
The City of Elmhurst and other home-rule communities also charge a local tax of gas.
As a result of increased vehicle fuel efficiency and the dawn of hybrid/electric vehicles, even the federal government is struggling to fund transportation-related initiatives as the revenue generated from the 1993-imposed gas tax of 18.4 cents per gallon is less than adequate to cover current-dollar costs.
Illinois voters will decide on November 5 on a referendum for a Constitutional change to allow a graduated income tax rate from the current flat tax of 4.95 percent for all individuals (with corresponding ties to business income taxes).
Professional Speakers Series
Thanks to Jim White, Certified Public Accountant and Managing Partner at J.S. White and Associates, and Liz Sheehan, Certified Financial Planner, CHFC and CLU at UBS Wealth Management, for delivering Professional Speakers Series presentations at the Chamber office on May 31.
White presented on the “Seven Mistakes I Made Starting My Business” and Sheehan presented on “Own Your Worth – How women break the cycle of financial abdication and take control of their wealth.”
At our Chamber’s request, John Kampas, CEO and Founder of EMPIST, has rescheduled his Professional Speakers Series presentation on “Cybersecurity Fundamental for Small Businesses” to Thursday, June 13, at 8 a.m. Click HERE to register.
Sixth Annual Pig Roast
Our Chamber will partner up with The Silverado Grill and Barbeque Jim’s Catering for the Sixth Annual Pig Roast at Silverado on Tuesday, June 25, from 5 to 7 p.m. Dine on succulent roasted pig and all the fixings, plus two beverages, for only $30 per person. Click HERE to register.
Happy Anniversaries
Four members are celebrating milestone Chamber anniversaries in June as follows: 20 years—Gerber Collison & Glass; 15 years—Elmhurst Extended Care Center; and 10 years—The Easter Seals Lily Garden and True Cuisine & Sweet Baby Ray’s Catering.
New Members
The Chamber welcomed four new members in May as follows: Brite White Pressure Washing Services, Culver’s of Elmhurst, Illinois State Senator Suzy Glowiak and Westberke Consulting.
No Longer Members
The Chamber said goodbye to the following 11 members in May: 101 Mobility, 235 Insurance, ChiroHealth Integrative Wellness, DeForest Creative Studio, Elm Creek Apartments, Fresh Pals Pet Spa, Inventory and Return Solutions, Lizzadro Museum of Lapidary Art, Phil’s Friends, Rosati’s Pizza and Servpro of Elmhurst.