RED BUD… State Representative David Friess (R-Red Bud) voiced his concerns over Governor Pritzker’s efforts to decouple Illinois from the federal CARES Act which would grant tax relief to thousands of Illinois small businesses.
“This past Friday, my fellow House Republicans called on Governor Pritzker to reconsider his plans to decouple Illinois from income tax provisions in the federal CARES Act,” said Rep. Friess. “I have grave concerns about how this move would affect small business in Illinois, especially now during the ongoing fight against 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.
“One of my legislative priorities is to support small business; a move like this could have widespread ramifications. We need to know the details behind the governors thinking,” Rep. Friess said. “Look, people are leaving Illinois in droves. We cannot let that trend continue. I fear that implementing what could amount to a billion dollar tax on our small business community will only fuel that trend. We must start being responsible stewards of our economy,” concluded Rep. Friess.