Illinois Republicans discuss their 2023 goals
SPRINGFIELD, Ill. - Members of the Illinois Senate Republican Caucus held a virtual meeting in Springfield on Monday to share details of their 2023 business agenda.
They discussed ways to help attract and keep business in Illinois.
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Among the things they want to see changed is the removal of a cap on net operating loss deductions for businesses.
"We must lift this barrier on entrepreneurs and start-up businesses. Businesses in general have good years and bad years. It can take years for a new business to turn a profit, or for an entire industry to come out of a slump. Net operating loss deductions allow those profits and losses to offset each other without financial loss to the state," said John Curran, Illinois Senate Republican leader.
Republicans also want to eliminate the so-called "Franchise Tax," which they say is archaic and prevents growth.