Illinois Businesses Brace for Potential Tax Increase in Pritzker’s Budget Plan

Illinois business owners are bracing for a potential tax hit from Gov. J.B. Pritzker. The governor’s proposed budget extends the cap on business net operating losses, but increases the cap to $500,000. His office estimates the “revenue adjustment” will raise $526 million, the bulk of the nearly $900 million of tax increases in his $52.7 billion spending proposal.