Illinois Lawmakers Reject Bid to Cut Business Tax Breaks – Bloomberg Tax*
Gov. J.B. Pritzker’s plan to separate Illinois from the net operating loss and excess business loss provisions of the federal CARES Act and shield the state from a $520 million revenue loss collapsed during the final day of a lame duck legislative session.
House lawmakers in Springfield have elected Rep. Emanuel Chris Welch to replace Michael Madigan and become the first Black speaker of the House. Note: Read the statement outgoing Speaker Michael Madigan released upon Welch’s election here.
