PEORIA, Ill. – In recognition of National Women’s Small Business Month this October, state Rep. Jehan Gordon-Booth is highlighting reforms to reduce taxes on small businesses and attract new businesses to Illinois.
“I am committed to building a stronger Illinois by building a stronger middle class and that means supporting the small businesses that are drivers of our economy,” Gordon-Booth said. “During National Women’s Small Business Month, it is important to highlight the tax reforms and opportunities available to small businesses in Illinois.”
Women own 42% of all businesses according to Business.com, compared to less than 5% in 1972. During the last five years, the number of small businesses owned by all women grew 21% and that rate was nearly double for women of color.
As Deputy Majority Leader in the Illinois House, Gordon-Booth helped spearhead negotiations with Republicans for a bipartisan, balanced budget that instituted a number of reforms to reduce taxes for small businesses and make it easier for the state to attract new businesses. Gordon-Booth backed:
- Senate Bill 689 to eliminate the burdensome corporate franchise tax, helping 300,000 small businesses, and increase tax credits for small businesses that employ workers in areas of high unemployment or underemployment
- Senate Bill 690 to allow a tax credit for workers on small business data center projects and to allow sales tax credits for data center businesses that invest in Illinois
- Senate Bill 1591 to invest in small businesses that invest in local jobs by creating tax credits for small businesses to train and employ apprentices
“Small businesses are the heart of our economy in Illinois and women-owned small businesses are a growing and critical part of building a stronger middle class in our state,” Gordon-Booth said. “Reducing taxes on small businesses and making it easier for them to hire and train workers will assist the growth of all small businesses, but will be particularly helpful for small businesses owned by women and women of color that historically were excluded from accessing business development programs and resources.”