Illinois quick hits: Moody’s predicts static job growth in Illinois
Moody’s predicts static job growth in Illinois
According to a report prepared by Moody’s Analytics for the Illinois Commission on Government Forecasting and Accountability, Illinois’ economy will underperform the Midwest and the United States in the coming year.
The forecast report says employment will be essentially unchanged and gross state product and income will increase less than elsewhere from the fourth quarter of 2025 to the fourth quarter of 2026. The report cited mounting pension obligations, a shrinking tax base and persistent outmigration as hurdles to economic performance.
Court upholds interchange fee prohibition
A federal judge has upheld an Illinois law to prohibit interchange fees from being charged on portions of credit and debit card transactions that include taxes and gratuities.
Illinois Retail Merchants Association President and CEO Rob Karr said the ruling against swipe fees would save businesses and consumers millions of dollars a year.
The Illinois Bankers Association, the Illinois Credit Union League and other plaintiffs who challenged the law in 2024 promised to appeal the decision.
Tax preparer indicted
A Chicago Heights woman has been indicted in federal court on charges of preparing more than 25 fraudulent tax returns for clients of her suburban tax preparation business. Prosecutors say Jaydine Brown, 43, prepared and assisted in the preparation of fraudulent tax returns from 2020 to 2024 on behalf of Hall Tax & Services Corp. of Flossmoor. Brown has pleaded not guilty to 28 tax-related counts.
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