PEORIA, Ill. (WMBD) – A bill that could save Illinois small businesses thousands of dollars on their taxes is now law.
Friday, Gov. J.B. Pritzker signed Senate Bill 2531.
The bipartisan legislation was sponsored by 37th District State Sen. Win Stoller.
It will allow S-corporations and partnerships to avoid the $10,000 cap on the state and local tax deduction, known as the S.A.L.T. deduction.
Stoller said the law will provide tax relief to more than 400,000 Illinois businesses, at no cost to the state.
“It was incredibly gratifying to be able to reach back into my background, my expertise as a CPA and as a small business owner myself, and to uncover this opportunity that might’ve been overlooked had it not been for someone with a financial background… Thousands of small businesses will be able to benefit at a time they need it most,” Stoller said.
A Peoria business owner says the new law will help even the playing field with larger corporations.
“It’s nice to be able to know that we’re finally going to have something that is to par with the big corporations that are out there because that is completely unfair when small businesses that have to work so hard for every earned dollar, has to work that much harder and has different rules than the big companies,” said Paola Hinton, Owner of Five Senses Spa, Salon, AND Barbershop.
Senate Bill 2531 is Stoller’s fourth piece of legislation signed into law since he took office in January.