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By Greg Bishop - Illinois Radio Network
Illinois businesses hit by losses because of government COVID-19 restrictions could collectively be on the hook for half-a-billion dollars in tax liabilities if Gov. J.B. Pritzker gets his way. There’s growing opposition.
Pritzker said Wednesday the lame-duck session underway in Springfield should decouple the state tax code from a recent federal change to lower tax liabilities for businesses hurt during the pandemic.
“That would essentially deprive Illinois of revenues that it otherwise should get and it’s literally a technical fix,” he said.
Friday his administration said the fix would increase the state’s coffers by half-a-billion dollars.
Businesses struggling with pandemic could be on hook for $500M tax increase by Greg Bishop, The Center Square | January 11, 2021 08:30 AM Print this article
Illinois businesses hit by losses because of government COVID-19 restrictions could collectively be on the hook for half-a-billion dollars in tax liabilities if Gov. J.B. Pritzker gets his way. There’s growing opposition.
Pritzker said Wednesday the lame-duck session underway in Springfield should decouple the state tax code from a recent federal change to lower tax liabilities for businesses hurt during the pandemic.
“That would essentially deprive Illinois of revenues that it otherwise should get and it’s literally a technical fix,” he said.
(The Center Square) – Illinois businesses hit by losses because of government COVID-19 restrictions could collectively be on the hook for half-a-billion dollars in tax liabilities if Gov. J.B. Pritzker gets his way. There’s growing opp.