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Illinois to withhold federal tax breaks

Source: - Jan 11, 2021

SPRINGFIELD, Ill. (WCIA) — Governor J.B. Pritzker announced a plan to withhold federal COVID-19 relief funds from small businesses to help fill the state budget deficit.

Congress approved federal tax relief to help businesses recover some losses during the pandemic. The governor announced Illinois could suspend those tax breaks in Illinois and still require businesses to pay to the state.

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Category: General Business