ROCKFORD, Ill. – As part of his efforts to provide relief to those hit hardest by the COVID-19 pandemic, state Rep. Dave Vella, D-Rockford, helped pass legislation that was recently signed into law by Gov. J.B. Pritzker that will lower taxes for many small businesses.
“Over the past year, too many small businesses have struggled to make ends meet,” said Vella. “Small businesses provide a number of benefits to the communities that they serve, and it is vital that state government is doing everything it can to ensure these businesses are getting the relief they need to continue the good work that they do.”
In 2017, politicians in Washington ended a vital tax reduction by capping the amount businesses could save through the State and Local Tax (SALT) deduction at $10,000. To ensure that businesses were able to receive as much tax relief as possible, Vella co-sponsored Senate Bill 2531, which allows certain businesses to circumnavigate the deduction cap and get additional tax deductions.
After joining the General Assembly earlier this year, Vella has worked to be an advocate for small businesses in Illinois. To ensure that businesses would not have to struggle due to situations beyond their control, such as the COVID-19 pandemic, he introduced legislation directing business interruption insurance policies to cover losses resulting from forced closures of businesses during a period of a declared emergency by law or government order.
“This summer, I have visited small business owners across my district to see first-hand the great work that they do,” said Vella. “With all that they provide for our community, it is clear that we cannot afford to allow small businesses to continue to struggle to stay afloat, and I will fight in Springfield to ensure Illinois businesses are given every opportunity to get the support they need.”