Pritzker proposes federal tax decoupling to save $200M

Illinois

SPRINGFIELD, Ill. (AP) — The Illinois governor on Friday proposed changes in state tax law that would save the state $500 million during a budget crisis.

Democrat J.B. Pritzker also froze the start of new business credits that would cost $20 million annually. Pritzker floated the idea during the first day of the General Assembly’s lame-duck session, one of five days scheduled to end the 101st General Assembly before inauguration of the 102nd on Wednesday.

Battered by the COVID-19 pandemic, Illinois has a $3.9 billion budget deficit. But House Republicans said the tax savings for businesses in federal law were just the relief Illinois businesses need after an economic battering from COVID-19.

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(This story was originally published on January 9, 2021)

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