Current Weather

WRUL On Air Now

Big D & Bubba
Big D & Bubba
4:00am - 9:00am

IFRA: Ending Biodiesel Incentive and Cutting Tax Aid for Businesses Wrong Approach for New Illinois Budget

SPRINGFIELD – The Illinois Fuel and Retail Association, representing Illinois gas stations and convenience stores, today issued the following statement in response to Gov. J.B. Pritzker’s proposed budget for Fiscal Year 2022 as outlined in his speech today:

“At a time when so many small businesses and families they support are teetering and on the brink of disaster, this new Illinois budget proposal would push many over the edge.

“Proposing to close millions of dollars in ‘tax loopholes’ and ending other incentives for businesses that were negotiated just a couple of years ago will undermine any progress we might be able to make in climbing out of the pandemic hole in 2021 if they become law. Make no mistake, these will be tax increases on businesses – and Illinoisans will suffer because of them.

“Particularly concerning for my members is more quickly ending an exemption for the sale of biodiesel at the gas pump, valued at $107 million. This change would add approximately 20 cents to a gallon of diesel fuel and is especially egregious considering that Illinois is one of only six states that already imposes a sales tax on motor fuels. Ending this incentive would also be incredibly damaging to our vital agriculture community in Illinois and hurt my small business members at a time when it’s so easy for customers to drive across state lines to fill up their vehicles.

“Congress created the CARES Act to provide a lifeline of support for businesses across the country after the devastating effects of the pandemic. The Legislature soundly rejected the idea of decoupling from federal tax aid for small businesses during the lame duck session a few weeks ago, but the issue is not dead yet. Now, as businesses are filing their tax returns this spring, this bad idea is even worse and we urge our policymakers to reject it.

“We call on the Governor and legislators to work on a better state budget framework this spring that recognizes the pain caused by the pandemic, and doesn’t add further to the misery many small businesses and families are facing. It’s time to do better.”

Josh Sharp
CEO
Illinois Fuel and Retail Association
Springfield

SHARE NOW

Leave a Reply

Your email address will not be published. Required fields are marked *