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During a virtual news conference Monday, the group discussed several
pieces of legislation to help Illinois businesses and prevent some
from exiting the state and going to a more tax-friendly situation.
“We don’t have to look any further than recent departures of
Stellantis, Caterpillar, Boeing, Tyson Foods and others to
understand that Illinois needs to do a better job in retaining our
large employers,” state Sen. Don DeWitte, R-St. Charles, said.
From reducing LLC fees for businesses to eliminating the franchise
tax for corporations, the lawmakers are hoping to get a chance to
present the bills and move them out of committee to the Senate
floor.
Senate Bill 1810 would remove the $100,000 cap on the Net Operating
Loss deductions on Dec. 31, aimed at helping businesses invest and
grow their organizations without revenue loss to the state.
Senate Bill 140 wouod eliminate the estate tax for persons dying on
or after the effective date or for transfers made on or after the
effective date. It also would eliminate the generation-skipping
estate tax.
State Sen. Seth Lewis, R-Bartlett, has introduced Senate Bill 2075,
which would provide tax credits if a business stays in Illinois.
“What about businesses that choose Illinois and are making the
conscious decision to stay here,” Lewis said. “I believe these
businesses deserve a thank you.”
Senate Bill 1406 from state Sen. Win Stoller, R-Peoria, would repeal
the franchise tax. Senate Bill 2140 would reduce the limited
liability corporation filing fee. Senate Bills 163 and 2084 from
DeWitte would give a research and development tax credit and create
the Illinois Innovation Tax Credit.
A report last week ranking the U.S. state’s economic outlook looked
unfavorable on Illinois. The American Legislative Exchange Council’s
“Rich States, Poor States” report ranked Illinois 46th in the
country. The state ranked 44th in the corporate income tax rate
category.
Illinois state lawmakers return to Springfield this week for the
final weeks of the spring legislative session. They’re scheduled in
until mid-May, when they’re expected to pass hundreds of bills,
including a budget for the fiscal year that begins July 1.
Kevin Bessler reports on statewide issues in Illinois
for the Center Square. He has over 30 years of experience in radio
news reporting throughout the Midwest.
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