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February 22, 2021 分享 On February 17, 2021, Illinois Gov. J.B. Pritzker released his proposed budget (the Pritzker Budget) for the 2022 fiscal year. 1 To help close a nearly $3 billion projected deficit, the Pritzker Budget proposes to reduce or eliminate various so-called “corporate loopholes” certain tax breaks and incentives provided for under current law including imposing temporary limitations on the deductibility of net operating losses (NOLs), decoupling from the federal treatment of foreign-source dividends and so-called global low-taxed intangible income (GILTI), and reversing the repeal of the universally reviled Illinois franchise tax. During 2020, the governor backed an unsuccessful ballot measure to amend the state constitution and authorize a graduated income tax to generate revenue intended to address the state’s fiscal woes. Throughout the election season, he warned that the measure’s failure would force deep cuts or an across-the-board income tax

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