Pritzker Proposes Federal Tax Decoupling to Save $200M
Gov. J.B. Pritzker on Friday proposed changes in Illinois tax law that would save the state $500 million during a budget crisis.
The Democrat 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. Pritzker hoped to make up a chunk of that with approval of a graduated income tax that would tax the wealthier at higher rates and generate $3 billion extra a year. But voters soundly rejected that constitutional amendment in the November election.
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The Democrat 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. Pritzker hoped to make up a chunk of that with approval of a graduated income tax that would tax the wealthier at higher rates and generate $3 billion extra a year. But voters soundly rejected that constitutional amendment in the November election.
Click Here to read more.