Chicagoland Chamber Of Commerce: Chicagoland Chamber Of Commerce Statement Opposing Changes To Tax Incentives
Jun 11, 2021
Chicago businesses faced significant challenges this past year due to a once in a lifetime public health crisis, resulting in forced shutdowns, increased health and safety costs, strict capacity limits and plummeting sales and revenue. Now, as many look to recoup what was lost, the General Assembly has voted to eliminate tax incentives that would help employers get back on their feet and rehire workers. Speaking on behalf of Chicago’s business community, we believe this is the wrong track. Instead, lawmakers must be doing everything possible to rebuild a strong business community in Illinois.
The Chicagoland Chamber of Commerce is keenly aware of the financial challenges facing the State of Illinois, and with pension obligations continuing to account for nearly one quarter of the State’s operating budget, we know difficult decisions are ahead. However, with the state receiving $8.1 billion in federal aid thanks to American Rescue Plan, lawmakers have access to capital needed to begin its recovery, and these cuts are simply not needed to fill revenue shortfalls.
To that end, the Chicagoland Chamber of Commerce will continue advocating for further relief and pushing back against policies that disincentivize businesses from relocating to and growing in Illinois. We stand ready, as we always have, in furthering Illinois’ longer-term economic future, and to ensure that businesses – large and small – can flourish.