Illinois Gov. J.B. Pritzker plans to raise roughly $827 million in new tax revenue through a new cap on the corporate net operating loss deduction, higher taxes on sports betting, and a limit on the rebates retailers pocket for administering the sales tax.
The Pritzker administration gave an upbeat assessment of Illinois’s fiscal picture ahead of the Democratic governor’s fiscal year 2025 budget address Wednesday, despite earlier warnings that the state faced a $721 million deficit heading into a new budget cycle. To fully fund $52.7 billion in general fund spending next year, the proposed budget plans to bridge the ...
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