February 22, 2021
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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
Illinois Gov J B Pritzker s 2022 Budget Proposes Numerous Business Tax Changes | Insights sidley.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from sidley.com Daily Mail and Mail on Sunday newspapers.
Gov. JB Pritzker will give his Illinois budget address on Wednesday, and there s already a major budget battle between the two parties brewing. Two months ago I asked Republicans in the General Assembly for their proposals to close this year s budget deficit. I was met with silence. Apparently their idea of bipartisanship ends when hard choices must be made, Pritzker said. The general funds budget I present today for Fiscal Year 2022 spends $1.8 billion less than FY2021. It reflects $400 million in additional cuts to appropriations, a hiring freeze, flat operational spending, full required pension payments, and the closure of unaffordable corporate loopholes, the governor added.
CHICAGO (WLS) A real budget battle is brewing after Gov. JB Pritzker announced more than $700 million in cuts would be needed due to the failure of the graduated income tax to pass in November.
The fallout from the election night defeat of the governor s progressive income tax plan is now taking shape. The fiercest fight could be over Governor JB Pritzker s proposal to furlough state workers. We ve put forward proposals for what needs to be trimmed from state government, Gov. Pritzker said. They re hard. They re painful.
A day after dropping his budget-slashing bombshell, Governor JB Pritzker acknowledged there is some tough work to be done to find savings of $711 million.