SPRINGFIELD, Ill. (WMBD)– Illinois State Senate Republicans held a Zoom session on Monday to discuss their agenda for the Illinois economy and job creators.
Republicans believe Illinois has become unfriendly to the business climate. A major point of contention was the tax increases on American businesses after the Progressive Income Tax Amendment failed to pass.
“Illinois is rich with potential, an educated workforce, and a long history of innovation,” said Senate Republican Leader John Curran (R-Downers Grover). “Unfortunately, in 2021, in response to the defeat of the Progressive Income Tax Amendment, the Governor and the Democratic Majority passed a series of tax increases on Illinois businesses that continue to hold our job creators and job seekers back. Today we are here to advocate for policy solutions to help Illinois attract and retain businesses and investment in our communities.”
Legislation lawmakers discussed includes Senate Bill 1810, which removes the $100,000 cap on the Net Operating Loss deductions on December 31, 2023, to help businesses invest and grow their organizations without revenue loss to the state.
Another bill introduced was Peoria Senator Win Stoller’s Senate Bill 1406, which makes good on the repeal of the franchise tax that the Governor and Democratic Majority stopped in 2021.
“Our focus must be on enacting policies that attract and keep businesses in Illinois rather than discourage growth,” said Stoller. “Getting rid of the franchise tax removes a barrier that punishes employers for building their businesses in Illinois.”