Dupage Policy Journal

Senate Republican Leader John Curran (R-Downers Grove) is advocating for a series of bills aimed at the state’s business community. 

The Senate Republicans are putting much effort into trying to make Illinois attract and retain more job creators.

“Illinois is rich with potential, an educated workforce, and a long history of innovation,” Curran said in a press release. “Unfortunately, in 2021, in response to the defeat of the Progressive Income Tax Amendment, the Governor and the Democratic Majority passed a series of tax increases on Illinois businesses that continue to hold our job creators and job seekers back. Today we are here to advocate for policy solutions to help Illinois attract and retain businesses and investment in our communities.” 

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, according to a press release, consists of "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.” 

Senate Bill 2140 would reduce the filing fees of corporations by 50 percent. 

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.

State Sen. Seth Lewis (R-Bartlett) said Illinois “has so much to offer." The state 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." On Facebook, Lewis posted 'There is no reason why Illinois cannot be a leader in the Midwest and nation for job creation and stability,' according to Peoria Standard.   

In the past few years, several major businesses had exited Illinois. 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.