Daily Tax Report ®

Illinois Governor Wants to Cut Business Tax Breaks, Heal Budget

Jan. 8, 2021, 10:47 PM

Heading into a lame duck session of the Illinois General Assembly, Gov. J.B. Pritzker Friday called on lawmakers to separate state tax law from the net operating loss and excess business loss provisions of the federal CARES Act as a strategy for preserving $520 million in tax revenue.

Pritzker also indicated more business tax benefits could be swept from the state tax code as he seeks to bridge a $3.9 billion budget gap for the current fiscal year, saying in a statement, “we will need to scrutinize and potentially roll back other corporate tax breaks—including those that have been on...

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