Crespo Supports Wage Increase for Working Families, Tax Credits for Small Businesses

SPRINGFIELD, Ill. – State Rep. Fred Crespo, D-Hoffman Estates, supported legislation balancing working families’ need for fair pay with interests of small and medium-sized employers, bringing billions of dollars in new economic activity to local communities.

“Our future depends on new economic development, and the only way we create a thriving economy is to ensure working families have the spending power to support our local businesses,” Crespo said. “This legislation is about making Illinois a more attractive place to live and work. It’s about recognizing that when working families do well, businesses do well.”

Crespo voted to pass Senate Bill 1, which provides a series of modest annual increases in the minimum wage over the course of five years to ensure pay keeps up with the cost of living, while also providing tax credits for small and medium-sized employers, which will help up to 80 percent of Illinois businesses offset a significant portion of these new wages. According to the Illinois Economic Policy Institute, the bill will raise incomes by about $5,000 for workers in the Chicago area and boost the state’s economy by $19 billion.

“This is a careful approach to ensuring everyone who is willing to work receives a fair wage, and helping businesses in our community succeed,” Crespo said. “This is good step in the direction as we work to expand opportunity for families and businesses alike by providing real property tax relief and getting the state’s finances back on track.”