SPRINGFIELD, Ill. – As part of her commitment to lifting up middle-class families in Illinois, state Rep. Michelle Mussman, D-Schaumburg, helped pass a comprehensive economic reform package that reduces fees for business owners, provides more incentives to companies to invest, and increases take home pay for workers.
“I went to Springfield to fight for the middle class and help level the playing field for local employers,” said Mussman. “Families and businesses need and deserve financial relief, which this measure provides.”
Mussman co-sponsored House Bill 160, which contains important reforms to benefit Illinois’ middle class and small and medium-sized businesses. Under the legislation, Illinois workers would be able to keep more of their hard-earned money through an annual increase in the state’s Earned Income Tax Credit. With more disposable income, workers and their families would be able to spend more on goods and services, boosting local economic activity.
Illinois’ small and medium-sized businesses, which create the majority of jobs in Illinois, would also benefit from provisions in the bill. House Bill 156 reduces corporate income taxes by 50 percent to allow businesses to keep more of their money and invest in creating more good paying-jobs. The measure also establishes a new incentive program for companies that expand their operations into low-income communities. The New Markets Development Program offers tax credits to employers who willingly relocate or expand to communities that need jobs to reignite economic activity and uplift middle-class families.
“This bill includes bipartisan proposals such as cutting the corporate income tax and lowering LLC fees that my Republican colleagues should have supported, but they failed to do so,” Mussman said. “I will continue to support solutions that help the middle class and put more people to work, and I urge the governor to put aside his extreme agenda so that we can move Illinois forward and enact a full-year budget.”