SPRINGFIELD – In the midst of deep economic uncertainty and inflation heating up, State Senator Lakesia Collins joined the Illinois Revenue Alliance calling for progressive revenue reform to fill the gap for families in Illinois.
“When Illinois families are struggling to make ends meet and at a time of troublesome cuts from the federal government, Illinois has to step up,” said Collins (D-Chicago). “Reforming our revenue system protects everyday folks who rely on Illinois programs to meet their needs. With the amount of uncertainty in the economy today, now is the time for action.”
Collins spoke on the need for revenue reform in a press conference at the State Capitol on Wednesday advocating for Senate Bill 3796, a proposal that would decouple Illinois from federal tax changes, end high-impact business credits and require a cost-benefit analysis of corporate tax incentives.
Through the legislation, Illinois would sever its tax rules from several federal tax changes that came under H.R. 1 by preventing provisions from applying for Illinois income tax purposes. Alongside the discontinuation of credits, the measure would adjust rules around business interest payment loan deductions and would allow the state to create its own adjustments tied to federal deductions.
“This legislation simply closes loopholes by decoupling Illinois from those federal corporate tax cuts. A fair tax code starts with asking those at the top to contribute their fair share while easing the burden on working families,” said Collins. “We have to bring our dollars back home and build and economy that sees, values and supports every resident from Chicago to Cairo.”
Collins is committed to supporting equitable revenue reform in Illinois.
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