Yingling-Supported Economic Reform Package to Support Small Businesses, Create Jobs Approved by House

SPRINGFIELD, Ill. – A major economic reform package supported by state Rep. Sam Yingling, D-Grayslake, that will put small and medium sized businesses on a level playing field, create jobs and help middle-class families keep more of what they earn was approved by the House last week.

“Having grown up in a small business family, I know that creating jobs, boosting our economy and reducing the tax burden on middle-class families and small businesses is vital to our overall economic growth,” said Yingling. “Still, too many small businesses and working families are struggling to make ends meet and thrive. House Bill 160 is a step in the right direction to jump-start our economy.”

Yingling voted to pass House Bill 160, which enacts a number of reforms aimed at supporting small and medium-sized businesses and creating local jobs. The measure reduces taxes and fees on small and medium-sized businesses while closing corporate loopholes that allow the largest, most profitable corporations to get away with paying nothing in taxes.

House Bill 160 expands the Earned Income Tax Credit so families can keep more of what they earn. To help create jobs and support families, the bill creates new tax credits for businesses that offer internship opportunities and then hire those interns full-time, while expanding credits for businesses that help their employees further their education.

“My bill contains economic reforms that give businesses the tools to expand and grow while closing corporate loopholes to ensure that big businesses are paying something,” Yingling added. “This helps to level the playing field for the small and medium sized businesses that drive economic growth in our community.”