State Sen. Don DeWitte (R-St. Charles) | senatordewitte.com
State Sen. Don DeWitte (R-St. Charles) | senatordewitte.com
State Sen. Don DeWitte (R-St. Charles) and others are calling on lawmakers to pass more business-friendly legislation.
“We don’t have to look any further than recent departures of Stellantis, Caterpillar, Boeing, Tyson Foods and others to understand that Illinois needs to do a better job in retaining our large employers,” DeWitte said in a virtual news conference, The Center Square reported.
DeWitte and other Republicans are seeking to pass a group of bills aimed at helping the struggling business class in Illinois.
“Our state has so much to offer. It is located in the heart of the nation, and it is a major transportation hub with state-of-the-art institutions and an educated citizenry that wants to work in a rewarding career. There is no reason why we cannot be a leader in the Midwest and nation for job creation and stability,” state Sen. Seth Leiws (R-Bartlett) said on Facebook.
The group proposed a number of bills. Senate Bill 1810 would “help businesses invest and grow their organizations without revenue loss to the state” by removing a $100,000 cap on Net Operating Loss deductions. Senate Bill 1406 repeals the franchise tax.
“The franchise tax includes three different taxes on money used to build a business as opposed to revenue or even net worth. Illinois is in the minority of states that impose such a tax,” a press release reads.
Senate Bill 2140 would reduce the filing fees by corporations by 50%.
Senate Bill 2075 “would create a legacy tax credit for companies headquartered in Illinois, along with employee tax credits.”
Senate Bill 163 would create a tax credit to fund research and development.
Senate Bill 2084 would create the Illinois Innovation Tax Credit.
Illinois in the past few years has seen several major employers leave. The Wall Street Journal produced a video that summarized the closing of significant corporate locations.
“After years of operating in Illinois, three major companies—Boeing, Caterpillar and Citadel—are moving their headquarters out of the state. In this video, WSJ looks at the economic and political implications,” the Wall Street Journal said in its preview of the video.
Alerts Sign-up