SPRINGFIELD, Ill. – As part of his commitment to lifting up middle-class families in Illinois, state Rep. Emanuel “Chris” Welch, D-Hillside, is backing 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.”
Welch is sponsoring House Bill 160, which has important reforms for Illinois’ middle class and small and medium sized businesses. Included in this package, 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.
Illinois’ small and medium-sized businesses, which create the majority of jobs in Illinois, would also benefit from the provisions in this bill. 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.