SPRINGFIELD, Ill. (WCIA) — Nobody likes paying taxes, so a lawmaker wants to make it so small businesses will pay less.
Senator Ram Villivilam said he wants to bring back a small business tax credit for $5,000 for every new position a business with fewer than 50 employees makes. The Illinois Chamber of Commerce likes the idea of the bill, but does not know if the incentives are strong enough. “We still think it has the same fundamental flaws, unless you really go ahead and get up to $10,000 or $15,000,” said Todd Maisch. “But even then, there is going to be a suspicion that what is there one year won’t be there the next, as soon as the legislature decides that they want that revenue back.”
For a business to receive the credit, the position created will have to pay at least $15 per hour.