Illinois Bill ‘Decouples’ State, Federal Taxes, Raising Revenue and Angering Businesses

Illinois bill ‘decouples’ state, federal taxes, raising revenue and angering businesses

If signed by the governor, it would erase about $250 million from the projected fiscal year 2026 deficit.

Illinois bill ‘decouples’ state, federal taxes, raising revenue and angering businesses – Capitol News IL

“This change pushes Illinois’ corporate tax structure even further out of line when you compare it to other states,” Taxpayers’ Federation of Illinois President Maurice Scholten said. “And we understand that lawmakers were trying to balance a difficult budget, but relying on higher business taxes every time revenue falls short can create a vicious cycle that ultimately weakens Illinois’ tax base in the long run.”

Dems introduce legislation after learning federal tax change would blow $400M hole in budget

As expected, lawmakers introduced new legislation Wednesday that would immediately address a projected $400 million budget shortfall caused by recent federal tax code changes under the “One Big Beautiful Bill Act” (OBBBA). The bill will be considered in the second…

Illinois Bill ‘Decouples’ State and Federal Taxes to Reduce Deficit Now

Illinois lawmakers are sending a bill to Gov. JB Pritzker that makes a pair of changes to Illinois’ tax code in response to new federal tax provisions that could reduce state revenue.

Illinois bill ‘decouples’ state, federal taxes, raising revenue and angering businesses | Illinois State Bar Association

Illinois bill ‘decouples’ state, federal taxes, raising revenue and angering businessesIllinois lawmakers are sending a bill to Gov. JB Pritzker that makes a pair of changes to Illinois’ tax code in response to new federal tax provisions that could reduce state revenue. Source: Capitol News Illinois

Legislature raises taxes on businesses

Business groups upset by move to “decouple” state taxes from new, lower federal rates.