CHICAGO, Illinois- A new bill up for vote, is designed to help businesses with 50 or fewer full-time employees, which includes more than 80% of Illinois small businesses. The bill is also meant to help businesses with five or fewer employees, which makes up half of Illinois small businesses.
According to Think Big Illinois, if the bill passes small businesses would see a 25% credit on their withholding.
They say the bill is designed to coincide with the increased minimum wage in Illinois.
A tax credit would remain in place for all small businesses until 2025.
After that, businesses with 50 employees or fewer would receive an extra year of credit, while the credit would extend until 2027 for businesses with five employees or fewer.
“When state representatives vote on SB1 this afternoon, they can feel confident that this bill helps our working families, while also supporting the small business community, State representatives should act in the best interest of our workers and our small businesses, and give working families the long-overdue wage increase they deserve.”-Quentin Fulks, Executive Director of Think Big Illinois.