Business Taxes
Released 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.
Released April 7, 2014
Policy leaders across Illinois have identified supporting small businesses and entrepreneurship as key to reviving the state’s sluggish economy. And no wonder, given that over 99 percent of all businesses in Illinois are “small business” as defined by the Small Business Administration. This Report, identifies best practices and policy initiatives decision makers can take to improve the state’s economy and aid small businesses in Illinois.
Released July 11, 2006
A list of the corporate income tax rates in all 50 states and the District of Columbia in 2006.
Released February 9, 2006
A list of annual losses in Illinois' state revenue from corporate tax expenditures for FY2001-FY2004.
Released October 10, 2006
An overview of House Bill 4908 of the 92nd General Assembly, which would have limited the Net Operating Loss Deduction for businesses.
Released October 10, 2006
An overview of Public Act 93-0552, the Corporate Accountability in Tax Expenditures Act.
Released March 6, 2007
A Fact Sheet on the Gross Receipts Tax, which in general is a broad-based, low rate tax imposed on all income received by a business without any deductions for costs of doing business.
Released April 17, 2007
Written supplement to oral testimony provided to the House Revenue Committee during its April 2007 subject matter hearing on tax fairness.
Released September 11, 2007
This Issue Brief provides an overview of the tax expenditures available to corporations in Illinois.
Released July 19, 2011
The written summary of Ralph Martire's testimony on corporate income tax expenditures to the joint House and Senate revenue committee in August 2011.