SPRINGFIELD, Ill. – A comprehensive economic reform package aimed at lifting up the middle-class and supporting the state’s small and medium sized employers, co-sponsored by state Rep. Deb Conroy, D-Villa Park, recently advanced out of the House.
“My economic reform package cuts taxes for small and medium-sized businesses while ensuring that the largest corporations won’t get away without paying something – no more loopholes that allow big business to avoid paying any taxes,” said Conroy. “We want to reward businesses that create new full-time jobs and give even the smallest businesses in our community the ability to compete in a increasingly competitive market. This bill includes new tax breaks and incentives to those companies that create new jobs.”
House Bill 160 includes provisions to boost small business by cutting the costs of licensing fees, creating incentives for employers who create jobs, and closing corporate loopholes that allow the largest and most profitable corporations to avoid paying any taxes. Corporations that take taxpayer-funded state tax breaks and then move jobs out of state would be required to repay the cost of the economic assistance received. Conroy’s legislation also expands the Earned Income Tax Credit to help working families keep more of what they earn.
“Illinois needs to do more to encourage job growth among the small and medium-sized businesses that serve as the foundation for our regional economy,” Conroy added. “My initiatives ensure that we are focusing on local job creation and helping the middle-class thrive.”