* From COGFA’s newly released study of business tax incentives…
According to the latest information from the Comptroller’s Tax Expenditure Report, businesses in Illinois benefited from over $1.15 billion business related tax expenditures.
* The largest tax expenditures reported in the FY 2012 issue were:
1. Sales Tax Expenditures:
* Manufacturing and Assembling Machinery and Equipment Exemption ($183 M)
* Retailer’s Discount ($121 M)
* Rolling Stock Exemption ($74 M)
2. Corporate Income Tax Expenditures:
* Illinois Net Operating Loss Deduction ($219 M)
3. Other Tax Expenditures:
* Sales for Use Other than in Motor Vehicles Exemption ($116 M)
According to a Department of Revenue report, in 2012, Enterprise Zone, High Impact Business, and River Edge Redevelopment Zone tax incentives resulted in the State foregoing approximately $115 million in tax revenue.
In the aggregate, businesses receiving tax incentives reported creating 4,671 jobs and investing approximately $3.7 billion in 2012