A new ranking puts Illinois’ corporate tax rates near the top. Still, Gov. J.B. Pritzker wants to extract $900 million more from corporations after failing to stop up to $1 billion in COVID-19 tax credits for small businesses.
Illinois Gov. J.B. Pritzker’s ‘fair tax’ would raise Illinois business taxes to the highest in the nation as neighboring Indiana cuts taxes to draw businesses across the border.
State lawmakers in 2019 passed a progressive income tax amendment at the behest of Gov. J.B. Pritzker. Now that coronavirus has ravaged the state’s small business community, they should withdraw the amendment.
Illinois’ uneven recovery reflects national trends, but also raises important questions about the state’s economic future ahead of a key tax hike vote.
Only Mississippi has fared worse than Illinois in personal income growth since the Great Recession hit at the end of 2007. Analysis shows state income taxes matter.
In a party-line vote that even fellow lawmakers were unaware of, Illinois House Democrats passed out of committee a progressive income tax rate structure that would take effect should Gov. J.B. Pritzker succeed in scrapping Illinois’ constitutional flat income tax protection.
An Illinois-based energy company will halt construction on a planned $500 million plant, a casualty of the Land of Lincoln’s hostile business environment.