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.”
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism.
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