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May 29, 2024
Illinois Legislature Passes Budget Increasing Spending
- Capping the retail discount that retailers receive for collected sales taxes at $1,000 per month (impacting retailers with monthly sales of approximately $650,000 or more at an assumed sales tax rate of 8.75%).
- Extending the cap on the net operating loss deduction that was set to expire—though raising the cap from $100,000 to $500,000.
- Imposing a new 1% tax on video-gaming terminals.
- Raising taxes on sports betting.
- Imposing new taxes on businesses that re-rent hotel rooms.
State:
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