SB 867, legislation spearheaded by the SBAC to lower LLC fees, passed the Illinois Senate last night with unanimous support by a vote of 55-0! The bill is now headed to the desk of Governor Bruce Rauner for his signature. The Governor previously indicated his support for the measure and we are working directly with his staff to get this bill signed into law in the coming weeks.
SB 867 would adjust LLC fees across the board to bring them in line with what corporations currently pay. For example, the current filing fee to create a new LLC in Illinois is $500. SB 867 would set it to $150. The current annual filing fee for LLC’s is $250, and SB 867 would lower it to $75. To review the legislation in full and see the adjusted fee rates, click here. Please note that these lower fee rates will take effect upon this bill being signed into law.
This initiative is about much more than reducing some of the highest LLC fees in the nation – it is about leveling the playing field for small businesses and ensuring the voice of small business is heard and acted upon in Springfield!