State Senator Stoller passes a bill to give small businesses tax cuts

State Senator Stoller passes a bill to give small businesses tax cuts


Peoria, Illinois (WMBD) — Senator Win Stoller (Republican-Germantown Hills), the new face of the Illinois Senate, passed a major bill in just four months in office.

The latest bill, the Senate Bill 2531, helps small businesses save thousands of dollars in taxes. This will allow 400,000 SMEs in Illinois to circumvent the $ 10,000 deduction limit for federal, state, and local taxes, the SALT cap, Stoller said.

Stoller held a press conference at Peoria Tire on Thursday to discuss the bill.

“My bill allows SMEs in Illinois to choose to reduce federal taxes. As a business owner, I know how difficult it is to deal with all Illinois regulations.” Said Mr. Stoller. He further stated that the law would come to the state at no cost.

Stoller said the IRS allows states to enact legislation that shifts state income taxes on partnerships and corporations from the partner or shareholder level to the entity level. This shift means that taxes do not count towards the SALT caps of individual partners and shareholders of S Corporation. He said 14 states had introduced or passed similar legislation.

Peoria Tire owner Michael Reiker said tax cuts will help keep up with the competition.

“That means you can give your employees a salary increase. This means you can maintain competitive pricing with domestic and regional retailers. That means you can compete. If we can’t compete, we can’t grow, and if we don’t, we can’t even provide our own tax share, “Reiker said.

The bill is now heading to Governor JB Pritzker’s desk for signature.

State Senator Stoller passes a bill to give small businesses tax cuts

Source link State Senator Stoller passes a bill to give small businesses tax cuts


Source link