SPRINGFIELD, Ill. – State Rep. Mike Halpin, D-Rock Island, is highlighting a new state law that reduces fees for businesses by 70 percent in an effort to foster economic growth and promote job creation throughout Illinois.
“We need to make it easier for entrepreneurs to launch and grow their businesses in Illinois, or we risk losing talent and jobs to neighboring states,” said Halpin. “Removing barriers to business ownership creates a more level playing field and shows entrepreneurs that we are receptive to their needs and want them to choose Illinois as the place for their businesses to thrive.”
The Halpin-backed Senate Bill 867 reduces the initial filing fees for a Limited Liability Company (LLC) from $500 to $150 and the annual report fee from $250 to $75. The new law will make Illinois more competitive by aligning the Illinois fee schedule with neighboring states and aligning LLC fees with the initial costs Illinois currently charges for other types of business entities such as corporations. Halpin believes businesses can invest more in equipment and employees by spending less on government filing fees.
“By reducing the financial burden on small business owners, this new law will help create a climate in which businesses can succeed and hire more workers,” said Halpin. “Economic growth remains one of my top priorities, and I will continue to support local entrepreneurs and push for legislation that encourages job creation in our region.”