Peoria Standard

Legislation introduced by state Sen. Win Stoller (R-Germantown Hills) that aims to save small business owners thousands of dollars passed the Senate last week. 

The state and local tax (SALT) bill uses an Internal Revenue Service method of allowing pass-through entities, including S-corporations and partnerships, to bypass the $10,000 cap on the SALT deduction. 

"Senate Bill 2531 is a common sense approach to help our small businesses on their taxes at no cost to the state of Illinois," Stoller said in a video shared by the Illinois Senate Republican Caucus on April 23. "This week my bill passed the Senate 56-0 unanimously. Continuing in a bipartisan fashion, I've reached across the aisle in the House to Rep. (Anthony) Deluca (D-Chicago Heights), who has agreed to lead my bill in the House."

Under SB 2531, small businesses may choose to be taxed at their entity level rather than letting the income pass through to their personal tax return, and then claim an offsetting credit on the state return. 

According to Stoller, the bill has the potential to help 400,000 Illinois small business owners save thousands of dollars on their federal tax filings each year at no cost to the State of Illinois. 

Illinois is one of 15 states to have passed or are working to pass this legislation. 

"This bill is common sense for Illinois," Stoller said again. "It costs us nothing and has a very very broad reach to many, many businesses that really need our help."