Rep. Lance Yednock | Facebook
Rep. Lance Yednock | Facebook
After more than a year of overcoming challenges as a direct result of the COVID-19 pandemic, small business owners in Illinois could be seeing some additional tax relief thanks to a bipartisan bill that now awaits Gov. J.B. Pritzker's (D-IL) signature.
State Rep. Lance Yednock (D-Ottawa) said these businesses still require help to stay afloat.
"As things begin to get back to normal, local small businesses still need our support. That's why I worked with business groups and taxpayer advocates to provide critical tax relief for local employers, ensuring that they receive the support they need during the COVID-19 pandemic and beyond," Yednock wrote in a post on his Facebook page.
Through the bill, small businesses would be able to work around a $10,000 cap, the Journal Star reported.
State Sen. Win Stiller (R-Germantown Hills), the bill's sponsor, noted businesses could save between $5,000 and $50,000 from the legislation according to the same report.
"This is kind of my wheelhouse and my space, so I recognize this could be a huge opportunity for small businesses in Illinois," Stoller, who's a small business owner himself, told the Journal Star. "The kicker is it would cost Illinois nothing because the tax savings is all on the federal side."
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