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Illinois House Rejects Blagojevich’s Gross Receipts Tax

MAY 10, 2007 6:56pm ET

CHICAGO — In a symbolic test vote, Illinois House members unanimously rejected Gov. Rod Blagojevich’s new $7.6 billion gross receipts tax on businesses — the cornerstone of his proposed $49 billion fiscal 2008 operating budget.

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A recent phenomenon is the emergence of bonds with shorter call protection as funding alternatives for municipalities. However, the shorter call protection also dampens the potential upside for investors, which in turn reduces the price they are willing to pay.

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