Vella-Supported Legislation Cutting Taxes on Small Businesses Signed into Law

admin — Fri, 03 Sep 2021 15:44:50 +0000

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.”

Rep. David A. Vella

(D-Loves Park)
68th District

Springfield Office:
242A-W Stratton Office Building
Springfield, IL 62706
(217) 782-0455

District Office:
4007 N Mulford Rd
Loves Park, IL 61111
(815) 329-6741

Gordon-Booth Highlights Business-Friendly Reforms During Women’s Small Business Month

admin — Thu, 17 Oct 2019 03:50:07 +0000

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.”

Rep. Jehan Gordon-Booth

Deputy Majority Leader
(D-Peoria)
92nd District

Springfield Office:
632 Capitol Building
Springfield, IL 62706
(217) 782-3186

District Office:
300 E. War Memorial Drive
Suite 303
Peoria, IL 61614
(309) 681-1992

cutting taxes | Illinois House Democratic Caucus