SPRINGFIELD… State Representative Chris Miller (R-Oakland) adds his voice to his colleagues’ call to prevent Illinois from decoupling from the federal CARES Act.
“Today my colleagues, Representatives Murphy, Reick, and Marron, called on Governor Pritzker to drop his foolhardy plans to decouple Illinois income taxes from provisions in the federal CARES Act,” said Rep. Miller. “This measure would greatly increase the damage already done to Illinois small businesses by COVID-19.”
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was signed into law by President Trump on March 27, 2020. The CARES Act allows small businesses to deduct additional losses in 2020 thereby limiting their tax burden in a year where many small businesses are struggling or have already closed. A prior bill to decouple Illinois from the CARES Act, SB1199, failed during the lame-duck session on January 13th.
“With this new push for decoupling, it is clear that Governor Pritzker thinks little of Illinois small businesses. First, there was the failure to implement the Blue Collar Jobs Act and now he is pushing for what will amount to a $500 million to $1.4 billion tax increase on our small businesses,” Rep. Miller said. “With a fast-approaching tax deadline, this is not the time to add additional turmoil to an industry that is already decimated by lockdowns. I call on Governor Pritzker to drop this plan, and work to support small business,” concluded Rep. Miller.