Kifowit-Backed Plan to Reduce New Business Fees Becomes Law

AURORA, Ill. – A proposal supported by state Rep. Stephanie Kifowit, D-Oswego, to reduce start-up fees for small businesses is now law after an override of the governor’s veto.

“Encouraging entrepreneurship in our state is vital for moving our economy forward,” Kifowit said. “By reducing the fees associated with starting a new business, we can create a more welcoming environment for small-business owners and grow our local economy.”

The Kifowit-backed Senate Bill 1462 will allow first-time entrepreneurs seeking to enter the information services, biotechnology and green technology business sectors to apply for reimbursement of certain state start-up fees. Qualifying fees include those paid toward state filling, permitting or licensing associated with the creation of a business in Illinois. Applications must be submitted to the Department of Commerce and Economic Development before forming a new business. The new law provides that priority be given to minority and female applicants.

“Too many fees can hinder business growth,” Kifowit said. “We should continue to look at ways to make our state and our region more attractive to investment in all sectors. This bill was an important step in that direction.”