Topics:
May 29, 2024 Last Edit: June 5, 2025
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:
Get to know NFIB
NFIB is a member-driven organization advocating on behalf of small and independent businesses nationwide.
Related Articles


July 3, 2025
NFIB Thanks Congress for Passing Landmark Small Business Tax Re…
NFIB applauds Congress for passing the One Big Beautiful Bill Act, which in…
Read More

July 2, 2025
NFIB Key Votes One Big Beautiful Bill Act in U.S. Senate and Ho…
NFIB key votes the One Big Beautiful Bill Act in the 119th Congress and urg…
Read More

July 2, 2025
Small Business Owners Push Priorities in Capitol Hill Meetings
Over 80 small business owners attended NFIB’s annual Fly-In. They attende…
Read More