By AP/KWMU
Springfield, Ill. – Illinois Governor Rod Blagojevich said Sunday the budget he'll present this week will not include a new service tax, but it will try to close what he calls corporate tax loopholes.
His list of loopholes to be closed would raise $400 million for a state facing a budget deficit of about $1.7 billion. The governor also hopes state government can cut 4,000 jobs through attrition and early retirement.
The Democratic governor says big business has gotten too many special breaks that let companies shield income from state taxes. He argues the state can't afford that when it faces a huge budget deficit.
Blagojevich also acknowledged the state will not be able to auction off an unused riverboat casino license before the current fiscal year ends this summer. He now is counting on roughly $350 million from the license for his next budget.