SPRINGFIELD, Ill. (WTVO) — Senate Republicans want to lower the burden of taxes on small businesses in Illinois.
They said that high taxes are driving small businesses out of the state or discouraging people from starting them in the first place.
Republicans highlighted a number of cuts on Monday. One of them is called a “franchise tax,” which taxes businesses on front end costs rather than revenue.
They also proposed a tax credit for businesses that increases based on how long they stay in the state.
“This is what the business community is telling us,” said Senator John Curran. “They need to reengage to stay here, to prosper.”
Governor JB Pritzker gave a different view of the state’s business climate on Monday. He said at an investor meeting in New York that the state improved thanks to budgets they passed without Republican votes.