Illinois SR 505: NO TAX DECOUPLING-FEDS

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SR0505LRB104 16089 MST 29378 r

1SENATE RESOLUTION

2 WHEREAS, Recent federal tax law changes enacted by 

3Congress in H.R. 1 represent one of the most comprehensive 

4reforms to the Internal Revenue Code in over three decades, 

5building on the success of the Tax Cuts and Jobs Act of 2017 by 

6further simplifying tax administration, reducing rates for 

7individuals and businesses, and targeting relief to 

8working-class Americans as well as the job creators in our 

9country; and

10 WHEREAS, Several of the new federal tax law changes will 

11provide much-needed relief to the economic engines of our 

12country and our State by making permanent or expanding several 

13pro-business tax policies, such as the enhanced small business 

14deduction for equipment and software, restoring a business's 

15ability to immediately expense research and development costs, 

16and establishing a new deduction for manufacturers that build 

17new facilities in the United States; and

18 WHEREAS, By enacting these tax law changes, Congress has 

19positioned Illinois' economy to directly benefit from the new 

20investments businesses will make throughout the State by 

21building new facilities, hiring additional employees, and 

22engaging in new research and development projects, all of 

23which will create high-paying jobs that allow Illinoisans to 

SR0505- 2 -LRB104 16089 MST 29378 r

1support their families; and

2 WHEREAS, Illinois has long benefited from maintaining 

3conformity with the federal tax code, as conformity 

4streamlines tax administration, minimizes compliance costs for 

5Illinois taxpayers, and provides consistency and clarity for 

6both the State's economy and all Illinoisans; and

7 WHEREAS, Decoupling Illinoi