New Tax Bill Set To Help Thousands of Illinois Businesses Save Thousands of Dollars – CIProud.com
PEORIA, Illinois (WMBD) – Illinois State Senator Win Stoller invited local business owners to Peoria Tire on Thursday, June 3, to discuss his recently passed law that will help Illinois small businesses To save thousands of dollars.
Stoller said Bill 2531 uses an IRS-approved method that allows up to 400,000 small businesses to avoid the $ 10,000 cap on state and local tax, or SALT.
“Most of the time, these small businesses … they are not taxed as a company,” Stoller said. “This income is recorded and goes into your individual tax return.”
He said the legislation will change the state’s tax laws so that businesses can opt for a major federal tax cut without incurring a cost to the state.
“My bill enables them to be taxed at the corporate level as a company,” said Stoller.
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Michael Reiker, the owner of Peoria Tire, said the tax break will allow him to give his employees pay increases and keep up with the competition.
“That means we can keep our prices competitive with our national and regional retailers,” said Reiker. “If we are not competitive we cannot grow, and without growth we cannot even offer our own share of taxes.”
Stoller said that as a business owner, he is familiar with the challenges of running a business in Illinois, as well as the changes and challenges of the past year.
“You have high taxes, you have mandates, you have rules … even last year it has become immeasurably harder to do business in Illinois,” said Stoller. “So it is extremely gratifying for me to have a bill that gives them a certain tax advantage.”
Stoller brought the important bill through the Illinois General Assembly in May, making it the fourth bill the newly minted Senator passed in his four months in office.
The bill is now being sent to Governor JB Pritzker’s desk for signature.