South West Illinois News

Following Gov. J.B. Pritzker’s proposed budget address for FY2022, State Rep. David Friess (R-Red Bud) urged him to do better.

Friess particularly wanted to hear a better plan for small businesses.  

“The constitution requires the governor to put forward a balanced budget,” Friess said. “Unfortunately, he does this via almost a billion dollars in a tax increase on our job creators and small businesses in the state.”

The governor has proposed the “closing of corporate loopholes” which includes the capping of corporate NOL Deductions at $100k/year ($314 million), aligning treatment of foreign-source dividends to treatment of domestic source dividends ($107 million), rollback of federal TCJA 100 percent accelerated depreciation ($214 million), accelerate the expiration of exemptions for biodiesel ($107 million), reverse repeal of the corporate franchise tax $30 million, to cap retailer’s discount at $1,000/month ($73 million), reset tax credit for private school scholarships at 40% ($14 million), eliminate new add on income tax credit for construction job payroll expenditures ($16 million), and removal of production-related tangible personal property from the MME sales tax exemption $56 million.

“This, after his lockdown, absolutely decimate small businesses, absolutely unacceptable. We cannot treat our small businesses like this. We got to do better. The governor can do better," Friess stated.