Big news! A key bill in the SBAC’s state advocacy agenda was introduced in the Senate! State Senator Heather Steans (D) dropped SB1232, the Small Business Job Creation Tax Credit on February 6th.
According to the Small Business Administration, in 2018, Illinois small businesses employed 2.5 million people or 45.5% of the private workforce. Encouraging job growth to our state’s largest economic contributor is vital to ensure economic growth in the state. Under the Small Business Job Creation Tax Credit Act, businesses with under 50 employees qualified for a tax credit for each new job created. Because of sunset legislation, this law expired and needs to be reenacted. We encourage Springfield to bring back this widely used program and are excited to build momentum for this important initiative.