New tax bill to help thousands of Illinois businesses save thousands of dollars
PEORIA, Ill. (WMBD) — Illinois State Senator Win Stoller invited local business owners to Peoria Tire on Thursday, June 3, discussing his newly passed bill that will help small Illinois businesses save thousands of dollars.
Stoller said Bill 2531 uses an IRS-approved method that will allow up to 400,000 small businesses to avoid the $10,000 cap on the State and Local Tax, or SALT.
“Most of the time, these small businesses…they’re not taxed as a business,” Stoller said. “That income is captured and passes through to their individual tax return.”
He said the legislation will change the state’s tax code, allowing businesses to opt into a major federal tax cut, and will come at no cost to the state.
“My bill allows them to elect, if they wish, to be taxed as a business at the entity level,” Stoller said.