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Pritzker Budget Seeks $932M in Higher Levies on IL Businesses

Gov. J.B. Pritzker on Wednesday unveiled a $95.5-billion proposed fiscal 2022 budget that doesn’t include a general tax hike, but proposes $932 million in higher levies on Illinois businesses.

Crain’s Chicago Business reported that Pritzker seeks to cap the net operating loss deduction at $100,000 annually; align tax treatment of foreign-source dividends with the rate on domestic dividends; and roll back the corporate accelerated depreciation clause.

Also on the chopping block are a planned acceleration in exemptions for the use of biodiesel fuel; a sales-tax credit manufacturers get for purchasing non-machinery items; and $30 million from the corporate franchise tax.

Illinois business groups blasted the proposed tax hikes. The Illinois Chamber of Commerce said in a statement, “We understand that the state has fiscal problems to address,” but Pritzker’s proposals “not only will expand what gets taxed but will also reduce key tax credits for vital sectors of the economy.”

For comments, questions or concerns, please contact Paul Bubny

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Inside The Story

Read more at Crain’s ChicagoConnect With Illinois Chamber

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Economy
  • ◦Financing
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