May 19, 2014 Talking Points


Policy Update: LLC Fees and EDGE Tax Credit Reform

  • Thanks to our members and coalition partners for very effectively
    delivering the message to your legislators to take a stand on Senate
    Bill 2776, which lowers LLC filing fees from $500 to $39, and asking
    leaders to call the bill in the Illinois House Revenue and Finance
    Committee
  • Lowering the LLC filing fees has now earned the support of members
    of the House Revenue Committee and its chairman, Representative John
    Bradley
  • The issue has gained strong bi-partisan support, along with the
    Governor’s endorsement, and we are cautiously optimistic that LLC filing
    fees will be lowered before the close of session
  • For over two years, the SBAC has pushed for reform of EDGE tax credits, which are tax breaks awarded to companies threatening to leave Illinois in exchange for an agreement to retain or create jobs and invest in their business infrastructure
  • We believe these tax credits create an uneven playing field for small businesses and that the state lacks an appropriate analysis to determine whether the economic benefits gained justify the state’s loss of revenue
  • The SBAC has filed multiple bills seeking EDGE tax credit reform, and this past week Speaker Madigan filed a bill which passed the House Revenue and Finance Committee with bi-partisan support incorporating many of our reform recommendations to allow for more transparency, accountability and expanded access for small businesses including:
  1. Removal of $1M infrastructure investment requirement
  2. Require companies receiving EDGE tax credits to certify that “but for” the credit, they would leave the state
  3. Require greater transparency from companies seeking special EDGE tax
    credits  that allow companies to retain employees’ state income taxes

Celebrate summer in the city at our Rooftop Summer Soiree!

  • Mix and mingle at our Third Annual Summer Soiree where you can enjoy exquisite sparkling Rose wines produced in the French Riviera, unique spirits, delicious food and fabulous prizes including a bottle of the world’s most unique and rare champagne, Armand de Brignac
  • Enjoy gorgeous city views and Navy Pier fireworks
  • Special thanks to our host Blake Berish with Mid-America Building Maintenance, Platinum Sponsor Movere (Maurice Vincent) and Gold Sponsor, James Elvord with RBC Wealth Management.
  • Click here for more details including sponsorship opportunities and ticket reservations
  • Also save the date for our 5th Annual Golf Outing at Ravinia Green on August 4! Click here for more details, registration and sponsorship opportunities.

SBAC Blog: Your resource to help manage and grow your business

  • Need guidance on health insurance plans? Selecting the best small business CRM? Business branding tips? These are a few examples of the types of posts you’ll find in the SBAC blog
  • Our goal is to share information designed to help you effectively manage and grow your businesses
  • Would you like to share your expertise on timely and relevant small business issues to benefit our SBAC members? Please submit your blog submissions – educational posts (not promotional) with 300-500 words – to Amy Masters at amy@sbacil.org
  • Head over to the SBAC Blog to learn more, view our blog posts and find blog submission guidelines! (See the menubar > SBAC Blog on far right
    or go to http://smallbusinessadvocacycouncil.org/sbac-blog)