Bill on Pritzker’s desk could help small business owners at tax time | Illinois

Bill on Pritzker’s desk could help small business owners at tax time | Illinois

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(The Center Square) – A bill on Gov. J.B. Pritzker’s desk could help small business owners save money on their taxes.

State Sen. Win Stoller, R-Peoria, filed Senate Bill 2531 to allow small business owners to work around a $10,000 state and local tax cap.

Stoller said that he got the idea for this bill after a Wall Street Journal article about the Tax Cuts and Jobs Act of 2017.

“I was reading an article last year that mentioned the IRS approval of this workaround,” Stoller said. “I immediately recognized that this has the potential to be extremely beneficial to small businesses throughout the state.” 

SB 2531

The bill would allow for small businesses to opt-in to a federal tax cut, but it won’t cost the state any money.

The bill had bipartisan support in the legislature with 14 Republican co-sponsors and 17 Democrat co-sponsors.

The Illinois Chamber of Commerce also supported the bill. Illinois Chamber of Commerce President and CEO Todd Maisch said the bill will help business owners.

“Does this bill undercut some expectations about federal tax receipts? Yes, it does, and we will admit that,” Maisch said. “Ultimately we work for the Illinois businesses and we thought it was important to serve their interests.”

Senate Bill 2531 passed both houses unanimously and currently awaits Pritzker’s signature. If signed, the legislation becomes effective immediately.

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