Illinois is “broke”. Coal mining production is on the decline. Why adopt a coal severance tax now?
Coal production in Illinois is expected to rebound and remain strong over the next ten or more years. Why shouldn’t Illinois join 22 other states, and adopt a coal severance tax that would bring back revenues to local governments in coal producing areas? A modest 5% tax on the gross value of coal could help communities diversify their economies, preparing them for a time when coal no longer is a viable alternative or has been fully mined.
MOVE BEYOND COAL COAL COSTS COMMUNITIES JOIN A DELEGATION Coal Drains the State Budget – $20M Each Year A report recently released by the Center for Tax and Budget Accountability and Downstream Strategies estimates that in the 2011 Fiscal Year, the coal industry drained nearly $20 million from the Illinois state budget in subsidies and expenditures […]