SPRINGFIELD, ILLINOIS (February 22, 2024) — The Illinois Chamber of Commerce is aligned with the Governor's goal of expanding opportunities for the growth of businesses of all sizes and to continue the expansion of our state's gross domestic product that has surpassed $1 trillion.
We are, however, disappointed by the Governor's proposal to extend the cap on business net operating loss. The cap is nothing more than forced borrowing of funds from Illinois businesses to finance government.
We are also disappointed by the Governor's proposal to reduce the sales tax retailers' discount. This is a stealth tax increase on our retail sector, who are managing increased operating expenses due to rising labor and raw materials forcing them to operate on already razor thin margins.
We appreciate the Governor's unwavering support for education and we are aligned that investing in education is vital to building a brighter future for our communities. We believe strongly that educational optionality should be the right of all our states students, especially those in underrepresented communities which saw significant cut backs due the expiration of the Invest in Kids Act.
