PEORIA (WEEK) – A new tax law is aiming to help small business owners save money on their taxes.
The state and local taxes, or SALT deductions have a current cap of $10K that was put in place back in 2017 by former U.S. President Donald Trump’s tax cuts.
Last Friday, Gov. JB Pritzker signed SB 2531, which allows small business owners across the state the ability to avoid the federal cap by changing the way they file with the IRS. This move could potentially save the small business owners thousands of dollars each year.
State Senator Win Stoller (R-Germantown Hills), stopped by the Great Harvest Bread Company in Peoria on Monday to discuss how the new law could benefit the state’s economy.
“It allows the small businesses to take that savings and invest back into their business. If they want to hire more employees or invest in equipment or expand their businesses ah, that’s what this is all about to grow our economy.”
-State Senator Win Stoller (R – Germantown Hills)
Owner of Great Harvest Bread Co., Craig Janseen, said the new tax law will be a great tool for local businesses.
“Any tax breaks that a small business owner can take advantage of is gonna be very advantageous, you know especially in a climate where wages are raising.”
-Criag Janseen – Owner of Great Harvest Bread Co.
Sen. Stoller believes more than 400K small businesses across the state could be financially helped by this new law.