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Illinois Owes Businesses Millions in Back Taxes

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Businesses Owed Millions in Back Taxes

If you own a business, never loan Illinois any money.

The state owes about 36,000 companies that paid too much in income taxes. That dates back as far as 2008, the Sun-Times reports.

The grand total of the backlog stands at $850 million, according to Illinois Comptroller Judy Baar Topinka.

Gov. Quinn suggested to lawmakers the state should borrow money to pay back tax refunds and catch up with other past-due bills. However, the General Assembly appeared cool to the idea. 

Illinois owes $4.5 billion in overdue bills, $1.2 billion for worker health insurance and $1 billion for bills expected to arrive after the fiscal year ends June 30. 

Topinka warned Illinois could end 2011 with $8.3 billion in red ink. 

Related Topics Pat Quinn, back taxes, big bucks
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