In addition to paying higher taxes for short-term rentals, sports wagering, telecommunications, tobacco and vaping products, Illinois consumers are likely to foot the bill for corporate tax changes.
Several changes taking effect July 1st will impact businesses in the current tax year.
Maurice Scholten, president of the Taxpayers’ Federation of Illinois, says corporations will receive a lower deduction for Global Intangible Low-Taxed Income, or GILTI.
Another change imposes taxes on companies in a group as long as one has a nexus connection with Illinois.
State Rep. Dan Ugaste said the people will pay these taxes.
Also on July 1st, tax rebates for electric vehicle purchases will be lowered.
Story from Illinois Radio Network
Comments