NFIB State Director Mark Grant released the following statement today in response to Gov. J.B. Pritzker’s plan to close “corporate tax loopholes.”
“Our members are grateful for Governor Pritzker’s promise to use some of the federal CARES Act money coming into the state to help small businesses. Many are still struggling to stay afloat.
“However, we were disappointed to hear he’s trying to revive his plan to decouple the Illinois tax code from federal legislation allowing small businesses to deduct losses associated with the COVID-19 pandemic. The governor’s plan didn’t get very far in last month’s lame-duck session, and, with the help of legislators who support small businesses, it won’t go anywhere during the regular session, either.
“I think legislators realize that the ‘loopholes’ the governor is talking about are really tax credits that allow businesses to grow and create jobs. That’s especially important now when so many small businesses are struggling to avoid layoffs or closing outright because of the pandemic.”