State Senator Seth Lewis (R-Bartlett) is championing legislation this year that rewards businesses for not just locating in Illinois, but for choosing to stay in the state.
Lewis’ Senate Bill 2075 creates a “legacy tax credit” for any sole proprietorship, LLC, or corporation that is headquartered in the State of Illinois of $100 for each year the taxpaying owner has had their business headquartered in Illinois. For businesses that file as an S Corporation, the credit would be split between shareholders.
“Illinois is located in the heart of the United States and we have so much to offer. Our state is a major transportation hub, we have a highly skilled workforce, and we are home to top-tier institutions of education,” said Lewis. “We are within striking distance of greatness, and while we need to do everything we can to attract new business, we also need to thank those that have located and stayed in Illinois. My legacy tax credit does just that.”
According to Lewis, if the tax credit exceeds the amount of the taxpayer’s liability, the extra funds would be applied over as many as five additional tax years.
SB 2075 also provides tax credits for employees in the amount of $100 for each employee who has been employed for a minimum of six months and is a resident of Illinois. Additionally, the legislation provides for a collective bargaining tax credit of $25 for each labor union employee who has worked for a company for more than six months and lives in the state.
“My policy agenda focuses on legislation that will make Illinois a place people want to live rather than leave,” added Lewis. “By rewarding those businesses and employees that have remained in Illinois despite some challenges, we are making sure they know we appreciate their dedication to making Illinois a great place to live and work.”
SB 2075 has been assigned to the Senate Revenue Committee.
