The governor's office said the proposal would prevent the state from losing $500 million in tax revenue from business. Without the change, the state’s budget shortfall could grow from $3.9 billion to as much as $4.9 billion.
He’s not changing the federal tax code. He is looking to change the state tax code so as not to allow the same tax credits that the federal tax code offers. The business utilizing the tax credits would still benefit on their federal taxes just not from the state. I believe New York did this back in April.
A largely unasked question is becoming glaring: Is Illinois doing all it should to use artificial intelligence to make government cost less and work better? So far, the evidence says no.
Does Pritzker have the right to change federal tax codes
He’s not changing the federal tax code. He is looking to change the state tax code so as not to allow the same tax credits that the federal tax code offers. The business utilizing the tax credits would still benefit on their federal taxes just not from the state. I believe New York did this back in April.
Thanks
Moving deckchairs, Titanic comes to mind……