SBAC Testifies at House Small Business Committee Hearing

SBAC Testifies at House Small Business Committee Hearing on Small Business Advocacy

The Small Business Advocacy Council (SBAC) will participate in the first-ever hearing of the House Small Business Empowerment and Workforce Development Committee devoted to developing a small business growth agenda this Wednesday, May 15 at the Illinois State Capitol.

The historic hearing in Springfield will bring together legislators, advocates and small business owners from around the state to discuss what changes in Illinois policies, taxes, fees and laws can help small businesses continue to power the growth in our economy.

“By holding this hearing, the Illinois legislature is demonstrating that it understands small business is a critical component of the State’s economy. Our 700 plus SBAC businesses have lots of ideas on how Illinois can make it easier for them to create and sustain more jobs.” said Elliot Richardson, CEO of the Small Business Advocacy Council.

Richardson identified the arbitrarily high LLC fees that small businesses are required to pay on an annual basis as a glaring example of a small business unfriendly policy and called on the General Assembly to lower these fees to a more reasonable level this year. “Illinois is presently perceived as a difficult place to operate a small business. For the sake of our local communities, we must work to change that perception immediately.” said Richardson.

Last week, the SBAC testified before an historic joint hearing of the House Revenue and State Government Committees on legislation they drafted with Representative Jack Franks to modernize and improve the state’s keystone economic development program, the EDGE tax credit. The bill would expand the tax credit to small businesses by eliminating any capital requirement and removing the prohibition on professional services firms from applying, as well as bring transparency and greater competition to the process by focusing on the cost-per-job to the taxpayer as the key metric in determining who gets these tax breaks.

“Folks can debate whether Edge Tax Credits are necessary to compete with states attempting to poach businesses from Illinois,” said Richardson. “However, so long as approximately 160 million dollars in Edge Tax Credits are awarded in a given year, small businesses must have a fair opportunity to compete for them.”