{"id":957,"date":"2019-03-07T10:25:57","date_gmt":"2019-03-07T16:25:57","guid":{"rendered":"https:\/\/illinoistax.org\/?p=957"},"modified":"2023-02-03T13:13:48","modified_gmt":"2023-02-03T19:13:48","slug":"tax-credits-deductions-exemptions","status":"publish","type":"post","link":"http:\/\/illinoistax.org\/?p=957","title":{"rendered":"Proposed and Existing Tax Credits, Deductions &#038; Exemptions"},"content":{"rendered":"<p><strong>Policy Statement<br \/>\n<\/strong><br \/>\n<strong>Tax Credits, Deductions &amp; Exemptions<br \/>\nIncluding Economic Development Incentives<\/strong><\/p>\n<p>Sound tax policy requires a broadly applicable tax base.\u00a0 As a result, the Taxpayers\u2019 Federation of Illinois opposes new tax credits, deductions, and exemptions, and the expansion of existing provisions to broaden their scope or increase the amounts awarded.\u00a0 Exceptions to this position include:<\/p>\n<ul>\n<li>Exemptions or deductions necessary to avoid tax pyramiding,<\/li>\n<li>Technical corrections or updates to existing provisions, and<\/li>\n<li>Changes made as part of a broad review or tax reform effort<\/li>\n<\/ul>\n<p>Stability and predictability are two of the hallmarks of a fair tax system.\u00a0 As a result, we support the continuation of existing credits, deductions, and exemptions that have been depended upon by taxpayers as a component of our overall tax structure.\u00a0 Changes to these provisions are appropriate only in the context of updates, technical corrections, or as part of a broad review or tax reform effort.<\/p>\n<p>The Taxpayers\u2019 Federation of Illinois supports efforts to incentivize investment and job creation in Illinois, including efforts to do so through our tax code, if the provisions are narrowly tailored to benefit only the intended beneficiaries and have the proper financial controls in place.\u00a0 All states have deployed these methods in this very competitive environment for economic growth and Illinois should as well, particularly when Illinois\u2019 overall business climate is perceived negatively.\u00a0\u00a0 The effectiveness of these provisions can and should be reviewed from time to time through a careful and thorough evaluation.<\/p>\n<p>February 2023<\/p>\n<p>&nbsp;<\/p>\n<p style=\"text-align: center;\"><a href=\"http:\/\/illinoistax.org\/wp-content\/uploads\/2019\/03\/Tax-Credits-Deductions-Exemptions-Incentives-3.pdf\">Printer friendly version<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Policy Statement Tax Credits, Deductions &amp; Exemptions Including Economic Development Incentives Sound tax policy requires a broadly applicable tax base.\u00a0 As a result, the Taxpayers\u2019 Federation of Illinois opposes new tax credits, deductions, and exemptions, and the expansion of existing provisions to broaden their scope&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[],"class_list":["post-957","post","type-post","status-publish","format-standard","hentry","category-position-statements"],"_links":{"self":[{"href":"http:\/\/illinoistax.org\/index.php?rest_route=\/wp\/v2\/posts\/957","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/illinoistax.org\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/illinoistax.org\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/illinoistax.org\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/illinoistax.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=957"}],"version-history":[{"count":12,"href":"http:\/\/illinoistax.org\/index.php?rest_route=\/wp\/v2\/posts\/957\/revisions"}],"predecessor-version":[{"id":3609,"href":"http:\/\/illinoistax.org\/index.php?rest_route=\/wp\/v2\/posts\/957\/revisions\/3609"}],"wp:attachment":[{"href":"http:\/\/illinoistax.org\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=957"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/illinoistax.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=957"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/illinoistax.org\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=957"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}