Hoffman Legislation Cuts Fees on Small and Private Businesses

SPRINGFIELD, Ill. – Business entities would see financial relief from the state under legislation introduced by state Rep. Jay Hoffman, D-Swansea, that reduces the late fee, from $300 to $100, charged to limited liability companies (LLCs) that file an annual report late.

“It is unreasonable to expect entrepreneurs who are focused on maintaining and growing their business to bear the cost of a $300 late fee simply because they didn’t file their annual reports on time,” Hoffman said. “That’s why I introduced legislation to cut late fee penalties by two-thirds, which will help businesses overcome burdensome financial obstacles.”

Hoffman introduced House Bill 4578, which reduces late fees that are imposed on limited liability companies (LLCs) from $300 to $100 to ease the burden on many small and private businesses throughout the state. The measure passed the House with bipartisan support and awaits action in the Senate.

“I believe we have a fundamental responsibility to look out for businesses and protect them from frivolous and burdensome expenses,” Hoffman said. “I will continue pursuing legislative proposals that allow small and private businesses to compete in the local economy, free from unreasonably high financial penalties.”