Sen. Win Stoller (R-Germantown Hills) | Photo Courtesy of Win Stoller
Sen. Win Stoller (R-Germantown Hills) | Photo Courtesy of Win Stoller
Sen. Win Stoller (R-Germantown Hills) sponsored a bill that will let small businesses choose to be taxed as an entity rather than on their personal return is gaining support from both parties as it makes its way to the General Assembly.
Senate Bill 2531 is likely to become law and will benefit small business owners by giving them credit on their Illinois tax return.
“My S.A.L.T Bill has started to pick up support as it moves through the legislative process. I look forward to advocating on behalf of Illinois small businesses as we work to pass it out of the General Assembly," Stoller said in an April 16 Facebook post.
According to Wirepoints, the bill is similar to one that 14 states have passed or plan to pass and will provide nearly 400,000 small business owners in the state of Illinois save large sums of money every year when filing their federal tax returns.
The bill has already been passed in the Senate Revenue Committee 9-0 and moves to the Senate floor.
The bill will not impact the state’s tax revenue.
Alerts Sign-up