Illinois Set to Shift Taxes on Businesses, Sportsbook Revenue

A revenue strategy to bridge a looming budget gap heads to the Illinois House Tuesday, after the state Senate on Sunday passed a package that would raise more than $800 million through a higher cap on corporate net operating loss deductions and higher taxes on sports betting receipts.

The Senate passed a $53.1 billion appropriations bill, SB 251, and separate legislation, HB 4951, designed to generate $53.3 billion to fund the government during fiscal year 2025. A third bill, HB 3144, would eliminate the state’s 1% tax on groceries beginning in 2026.

All three bills ...