Illinois Businesses Deserve Better from Springfield
It’s time for Governor Pritzker and Illinois legislators to start working with business owners rather than continuing to actively work against them, especially as they recover from theCOVID-19 pandemic. Since the onset of the coronavirus, Springfield politicians have made it abundantly clear they neither understand nor support the value of the Illinois business community, as is evidenced by the numerous recent decisions they’ve made that have hurt hardworking business owners and their employees. For example, during the final moments of the closing session in January, without any time to debate the issue, the Illinois General Assembly pushed through HB 3360. This disastrous bill that would have enforced 9 percent annual interest on damages in personal injury and wrongful death lawsuits, allowing the interest to accrue from the date of the injury well before a case is even heard by a court. Luckily, HB 3360 was vetoed by the Governor, but a new bill SB 72, was passed through the Legislature and now sits on Governor Pritzker’s desk for signing. This bill is a watered-down version of HB 3360, and still proposes a six percent on personal injury damages. Still, SB 72 would leave employers paying for years of added costs, no matter how frivolous the claims may be. The cost of litigation under the bill would make Illinois unattractive and uncompetitive for businesses. The interest rates are enough to put a small business under, shrinking our business community more than the pandemic already did. Jobs will be lost, and our communities will suffer. However, the example that sticks out most is Governor Pritzker’s blatant attempt to punish small business owners by limiting their ability to write off losses brought by the pandemic. Back in January, Governor Pritzker attempted to “decouple” Illinois’ tax law from the Coronavirus Aid, Relief, and Economic Security (CARES) Act provision intended to help make up for business losses resulting from the pandemic, essentially enforcing up toa $1 billion tax hike on them. Though his efforts ultimately failed, Pritzker has vowed to revisit the decoupling provision with legislators this spring. Pritzker was so determined to punish the business community that by mid-February he had announced a new plan to close $932 million worth of what he calls “corporate tax loopholes.” In reality, this is just code for more tax hikes on businesses. At the end of the day, it appears Pritzker wants to make Illinois as unfriendly to businesses as possible before his reign is over. I struggle to understand why our lawmakers cannot see the long-term damage they are doing when they make these decisions. It’s no secret the coronavirus has been unkind to businesses. The business community that exists now is a fraction of what once flourished prior to the pandemic, and the ones left standing are still picking up the pieces. Now, in addition to the changes they’ve had to make to keep their customers and employees safe, as well as surviving the deteriorating economy, business owners are forced to deal with the consequences of living in a state where lawmakers seem only to want to make things worse for their job creators. During these difficult times, as our country struggles to get back on its feet, we must do everything in our power to support the business community, as it is the backbone of the economy. Until Governor Pritzker and our legislators take the proper steps to do so, our recovery will be unnecessarily prolonged, and all Illinoisans will suffer.
Tom Simeone
President of Manor Tool and Manufacturing
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