SPRINGFIELD, Ill. – State Rep. Fran Hurley, D-Chicago, 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.
“Small business owners continue to be the backbone of strong and vibrant local economies,” Hurley said. “By lowering fees for start-up businesses and those that are renewing their license, we can continue to create a more business friendly environment, encouraging business growth and success in Illinois.”
The Hurley-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. Hurley believes businesses can invest more in equipment and employees by spending less on government filing fees.
“I will continue to support legislation that makes it easier to do business in Illinois,” Hurley said. “By advancing similar legislation, we can continue to make Illinois a better place for businesses to locate, start, and grow their operations.”