ROUND LAKE BEACH, Ill. – To ensure that businesses are receiving support during the COVID-19 pandemic and beyond, state Rep. Sam Yingling, D-Grayslake, helped pass legislation that provides relief to companies by allowing them to receive a full State and Local Tax (SALT) deduction.
“Growing up working in my parents’ small business in Round Lake Beach, I know how important small businesses are to our communities,” said Yingling. “Even during the best of times, running a business is hard, let alone trying to stay afloat during a pandemic. Our businesses need relief, and allowing them to not have a capped SALT deduction will help them for years to come.”
In 2017, the federal government capped the SALT deduction, which allows those that pay various types of state and local taxes to deduct them from their federal income tax to avoid double taxation. Most businesses are taxed in a way that makes it so the SALT cap does not apply to them; however, there are still some businesses that the SALT cap applies to. To ensure that those businesses are receiving the most tax relief possible, Yingling voted for Senate Bill 2531, a bipartisan measure that allows businesses to be taxed in a way that circumnavigates the SALT cap.
Yingling has been a strong advocate for the needs of small businesses during his time as state representative. He has supported legislation that would cut costs for business by expanding tax credits for small to medium-sized businesses. In addition, Yingling regularly visits with small business owners throughout the district to hear their thoughts on what can help their businesses thrive.
“Small businesses are a boon to local economies, and it is important we have an economic environment that is favorable for small businesses,” said Yingling. “While helping businesses circumnavigate the SALT cap is a good step forward, I will continue to work in Springfield to ensure small businesses have as much support as possible.”
Visit Rep Yingling’s website
271-S Stratton Office Building
Springfield, IL 62706
1919 IL Route 83
Round Lake Beach, IL 60073
(847) 231-6102 FAX