Tax and Budget

Illinois Should Decouple from Federal CARES Act Tax Breaks

Release: February 2, 2021

Part of the federal economic stimulus created under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, involved increasing the tax relief businesses could claim under the existing net operating loss and excess business loss tax breaks. Among other things, the Cares Act made these tax cuts retroactive, meaning businesses can claim losses and reduce their tax liability for years in which the pandemic had no impact on their profitability. CTBA provides reasoning for supporting decoupling from Federal CARES Act Tax Breaks.

Funding Our Future: Reforming Illinois Tax Policy

Release: October 29, 2010

This Report is a thorough analysis of the Illinois’s long-term spending patterns, budget problems and tax policy.

Facing Reality: Illinois Must Raise Revenue to Balance Its Budget

Release: July 2, 2009

This Issue Brief explains why increased revenue is needed to address Illinois' budget deficits.

Moving Forward

Release: March 11, 2009

How the state elects to resolve its record deficit will have a meaningful impact on the size and duration of the recession in the state's economy. Given this scenario, the state's best hope of growing its economy and countering the recession is to close its deficit by raising taxes progressively and maintaining or expanding spending on services.

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