Daily Tax Report: State

Illinois Lawmakers Reject Bid to Cut Business Tax Breaks

Jan. 13, 2021, 8:17 PM

Gov. J.B. Pritzker’s plan to separate Illinois from the net operating loss and excess business loss provisions of the federal CARES Act and shield the state from a $520 million revenue loss collapsed during the final day of a lame duck legislative session.

The Illinois House failed Wednesday to wrangle support for S.B. 1199, an omnibus tax measure that included language decoupling the state from two key features of the CARES Act designed to support businesses during the Covid-19 pandemic. Pritzker on Jan. 8 called on lawmakers to sever ties with recent adjustments to Sections 172 and 461...

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