PEORIA, Ill. — A new Illinois tax law aims to help small businesses save money on their taxes.
The state and local taxes, or SALT deductions have a current cap of $10,000 that was put in place in 2017 by former U.S. President Donald Trump’s tax cuts.
Last Friday, Gov. J-B Pritzker signed SB 2531, that allows small business owners in Illinois to avoid the federal cap by changing the way they file their taxes with the IRS.
State Sen. Win Stoller (R-Germantown Hills), who sponsored the legislation, said the legislation could potentially save small businesses thousands of dollars each year.
“There are 400,000 small business owners that can benefit from my bill,” Stoller said.
SB 2531 has already gone into effect.
“So, they (small business owners) would be able to take advantage of that this tax year,” Stoller said.
Small business owners statewide will be able to use the savings to hire more employees, invest in new equipment, or expand their business, according to Stoller.
Stoller spoke about SB 2531 at Great Harvest Bread Co. in Peoria on Monday.
