Sangamon Sun

The Illinois Chamber of Commerce joined the number of groups opposing Gov. J.B. Pritzker’s proposal on decoupling the stated tax code from federal changes under the CARES Act.

Alongside many Illinois business group leaders who have expressed their views on Pritzer’s proposed tax change, Todd Maisch, president and CEO of the Illinois Chamber of Commerce shared his piece.

He noted that small businesses are striving to make ends meet especially during this economic crisis, in which the tax assistance would tremendously help them survive.

“I think it’s very important that we note that this is a tax assistance for small businesses and was passed in a very bipartisan manner out in Washington…you can have Democrats and Republicans come together and decide this is a good idea to help struggling small businesses,” Maisch said.

“What you’ve got is a situation, we believe, where these refundable credits could provide a lifeline to businesses that are deciding whether they can stay in business or if they have to close their doors. Knowing that you had some kind of revenue coming in from the federal government through these tax credits is the difference between shutting down next week or being able to survive another two or three months and hopefully, things turn around.”

The Illinois Chamber of Commerce is a non-profit organization dedicated to provide a voice for businesses and strengthen the Illinois business climate.

Maisch believes that the governor's office should be able to strike the balance between the state’s public health crisis and economic struggle to allow businesses to provide job opportunities and recover from the crisis which eventually could lead to the state’s fiscal stability.  

“I think it’s really important to note that this is another example where unfortunately the Pritzker Administration hasn’t found the right balance between the public health crisis and the economic crisis facing our state, he added. “The governor has been very, very focused on the public health side and rightfully so, but he hasn’t done enough to help businesses get through this economic crisis, which leads to job loss, higher unemployment and lower tax revenues.” 

“There’s no way the state can be back to fiscal stability without businesses rehiring and becoming successful again. So, this is a short term hit the treasury but a long term hit to the economy and the long term hit to Illinois’ fiscal health.”