SPRINGFIELD, Ill. – Senate Republicans in Springfield are proposing numerous ways to change what they say is an “unfriendly business climate” in Illinois.
Win Stoller (R-Peoria) is advocating for a bill that would eliminate the franchise tax in the state. He says the tax affects businesses three-fold; a tax when the business is created, a tax each year, and if the business receives an influx of capital.
“The franchise tax in Illinois is on money used to build a business; not its revenue, not its profit, not even the business’ net worth,” Stoller said. “The franchise tax is a deeply flawed approach to taxing businesses.”
Another proposed bill is from Senator Seth Lewis (R-Bartlett) is aimed at supporting businesses that are already in the state. It would create a legacy tax credit for companies who have headquarters in Illinois, as well as employee tax credits.
“We all live here because we either love Illinois, believe in its potential, or both. Our state has so much to offer. It is located in the heart of the nation, and it is a major transportation hub with state-of-the-art institutions and an educated citizenry that wants to work in a rewarding career. There is no reason why we cannot be a leader in the Midwest and nation for job creation and stability,” said Lewis.
Other bills being proposed include creating a tax credit to help fund research and development and removing a $100,000 cap on net operating loss deductions.
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