The federal government authorized a financial aid program for small businesses that have closed their doors due to the COVID-19 pandemic, but state and local government also offer assistance.
Struggling businesses, individuals and families need relief while the economy is shut down. Despite Illinois’ financial woes, leaders can help the recovery by lifting government-imposed financial burdens.
Illinois can do it the old way and raise taxes to deliver pork projects. Or Illinois can be smart and make each tax dollar work hard to deliver projects that help residents and the economy.
As a result of the U.S. Supreme Court’s decision in South Dakota v. Wayfair Inc., most online purchases in Illinois will now be subject to automatic collection of the state’s 6.25 percent use tax.
House Bill 4237 seeks to get around Congress’ limitation of a federal deduction that benefits high-tax states, but residents would be better served by efforts to directly reduce state and local taxes in Illinois.
The Education Freedom Tax Credit, also known as the Federal Scholarship Tax Credit, will give Illinois students access to donor money if the state opts into the program.