SPRINGFIELD – State Senator Lakesia Collins joined the Illinois Revenue Alliance on Wednesday to highlight a plan to address the impact of federal tax cuts and corporate loopholes that primarily benefit the ultra-wealthy.
“The federal government expects Illinois to automatically adapt our tax codes to match new changes in theirs that benefit the wealthiest 1% of Americans,” said Collins (D-Chicago). “We refuse to sit by while the very wealthy – billionaires and big corporations – are made richer at the expense of working families.”
Over the last year, near-weekly threats from the Trump administration to cut funding for Illinois and its local government partners have led to court challenges and uncertainty. Additionally, the federal budget reconciliation law – H.R. 1 – will continue to have significant impacts to state governments’ financial positions across the nation.
Collins is leading Senate Bill 3796 in an effort to decouple Illinois’ tax policy from several of the federal tax changes under H.R. 1 by preventing those provisions from applying for Illinois income tax purposes.
“I’ve seen the disinvestment in our blocks firsthand, I know exactly what this ‘lost’ money looks like,” said Collins. “Larger corporations will benefit the most from this ‘conformity’ because they make a point of fighting aggressively to make sure they don’t pay their share of Illinois’ tax load.”
Senate Bill 3796 awaits assignment to a committee.
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