Latest posts by Nicole Trottie (see all)
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By L. NICOLE TROTTIE
SPRINGFIELD | Rep. Emanuel “Chris” Welch, 7th District (D)Hillside, has backed a comprehensive economic reform package that lowers business taxes, provides more incentives to companies to invest and increases take home pay for workers.
“I went to Springfield to fight for the middle-class,” said Welch. “Across the state, our families and businesses need financial relief. This package would truly benefit the people and businesses that pay the majority of Illinois’ taxes and incentivize companies to stay here and create jobs.”
House Bill 160 has important reforms for Illinois’ middle class and small and medium sized businesses. Included in the bill, Illinois workers would receive additional money by an annual increase in the state’s Earned Income Tax Credit. With more disposable income, workers and their families would be able to spend more on goods and services for themselves.
Under the bill Illinois would also benefit from the provisions. The measure reduces corporate income taxes by 50 percent. With this tax reduced in half, businesses can keep more of their money and invest elsewhere and further create good paying-jobs for potential employees. A new incentive program would be established for companies that expand their operations into low-income communities. The New Markets Development Program offers tax credits to employers who willingly relocate or expand to communities that need jobs to reignite economic activity and further uplift middle-class families.
“This bill also holds several bipartisan proposals, including cutting the corporate income tax and lowering LLC fees,” Welch said. “This is a solution that will help the build middle-class and put more people to work. It is time to move the state forward by passing reforms that lift up Illinois’ families and businesses.