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Sunday, November 24, 2024

Rep. Elik Files Legislation to Assist Small Businesses

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State Representative Amy Elik (IL) | Representative Amy Elik (R) 111th District

State Representative Amy Elik (IL) | Representative Amy Elik (R) 111th District

State Representative Amy Elik has introduced legislation aimed at supporting small businesses and encouraging them to reinvest their earnings in their local communities. The proposed legislation, known as HB 4669, would establish small-business savings accounts, allowing businesses to set aside up to $50,000 per year for future investments.

Under the proposed legislation, funds contributed to these small-business savings accounts would be eligible for an income tax deduction in the year of contribution. This tax incentive would provide small businesses with the flexibility to save for future business needs and make strategic investments when the time is right.

Representative Elik, the sponsor of the bill, explains the motivation behind it, stating, "I filed this bill to help small businesses save for their future investment in their business. When a small business invests in their business, not only is it a win for them, it’s a win for their employees and the community they serve."

The legislation has garnered support from various business organizations and industry leaders. Noah Finley, the NFIB Illinois State Director, praises the legislation for freeing small-business owners' reinvestment decisions from an arbitrary tax calendar. He states, "Instead of having to make investments based upon the tax year, business owners will be able to choose the optimal time to reinvest in their businesses."

Lou Sandoval, CEO of the Illinois Chamber of Commerce, also expresses support for the bill, emphasizing the importance of allowing small businesses to make independent and informed investment decisions. Sandoval states, "Legislation that allows small businesses the autonomy to make smart business decisions is good legislation. This legislation does just that along with the ability to direct investments into their businesses, which is solid pro-business policy, which is the key reason we support this bill."

Mark Denzler, president & CEO of the Illinois Manufacturers' Association, highlights the benefits of small-business savings accounts for small manufacturers. Denzler explains, "Small manufacturers invest in their employees and facilities annually. Small business savings accounts represent a smart and sensible way for these small companies to make investments in their companies that will lead to job growth in Illinois."

Alicia Martin, president of Associated Builders and Contractors Illinois, commends Representative Elik for her support of entrepreneurial businesses in the construction industry. Martin acknowledges the challenges faced by small businesses in the industry and states, "We commend Rep. Elik for supporting the entrepreneurial businesses that build the places where America lives, works, plays, heals, and prays so they can continue to invest in their communities."

The proposed legislation has gained significant support from various business organizations, including the Illinois Chamber of Commerce, the National Federation of Independent Business (NFIB), the Illinois Manufacturers' Association, the Associated Builders and Contractors, the Technology and Manufacturing Association, the Chicagoland Chamber of Commerce, and the Illinois Trucking Association.

If passed, this legislation would provide small businesses in Illinois with the opportunity to save for their future and make strategic investments that will contribute to job growth and economic development in their communities. It aims to empower small businesses with the flexibility and autonomy to make informed decisions about their investments, ultimately benefiting both the businesses themselves and the communities they serve.

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