Now that 2018 is here, it’s appropriate to recognize how big a win federal tax reform will be for Illinois’ economy. For the first time in a generation, Congress has made changes to our tax code that both parties have advocated for years. While our view and the governor’s view of the tax law does not completely align, the Illinois Chamber, which supports the governor on most issues, recognizes the benefits of this law as a whole.
It is a shame that one party did not come to the table to forge a bipartisan bill, but fortunately for Illinois, congressional leaders like Rodney Davis worked hard to make sure Illinois fared very well in the final reform package.
In addition to securing a personal tax cut for more than 80 percent of Americans, Davis made it a priority to make sure our small businesses and agriculture communities -- which create most of the jobs in Illinois -- got important tax relief. Most small business owners pay an individual income tax, not a corporate tax making the individual tax important for their business, as well. In addition, a new 20 percent deduction on small business income, the immediate tax write-off for new investment in machinery and facilities, and the full preservation of interest expense deductions will help small businesses be successful in our state.
Not a single law coming out of Washington is perfect, but the new tax reform law will help the job creators of downstate Illinois. The Illinois Chamber thanks Davis for helping to make it a reality.
Todd Maisch, President and CEO. Illinois Chamber of Commerce