Breaking down tax breaks
Specially targeted tax breaks benefit businesses, the wealthy, seniors and others. Here are some common tax loopholes used in 2015 by Illinois taxpayers.
Business Source Cost to state
Manufacturing Sales tax $108 million equipment & machinery
EDGE, Economic Tax credit $137 million* Development for a Growing Economy
Net operating loss Tax credit $48.6 million deduction
Individual
Retirement income/ Tax credit $2.3 billion Social Security
EITC, Earned Income Tax credit $234 million
*Includes individual and corporate exemptions
Source: Illinois comptroller, Better Government Association