This week politicians can prove they value small businesses
We started with a robust agenda this year in Springfield, which included reining in overly restrictive occupational licenses and supporting folks laid off from their jobs and ready to start businesses.
While these bills and others we championed moved forward, they will not likely be passed this spring. We will continue building support for these initiatives over the summer.
We also worked with a strong coalition to put guardrails around the excessive cost of certain drugs to stabilize escalating health insurance premiums. The high cost of prescription drugs not only drives up insurance premiums, it also reduces the health of our workforce. Drugs do not work if people cannot afford to take them.
Despite the merits of legislation that will create a Prescription Drug Affordability Board, the bill stalled in committee. We remain motivated and ready to continue our work once session ends.
The fight to pass a meaningful bill often takes years, so we are not deterred or discouraged by these setbacks. To the contrary, our success has been fueled by the fact we persistently fight for legislation until its enacted into law. We understand each legislative session presents unique challenges and opportunities, so consistent engagement and an unwavering commitment to get a bill passed is necessary.
There is legislation, however, the small business community expects policymakers to pass this session. It has strong bipartisan support and there is absolutely no reason the bill should not cross the finish line if politicians truly want to support small businesses.
The Small Business Job Creation Tax Credit Act will make $2,500 tax credits available to small businesses that hire net new employees. This program was extremely popular before these tax credits inexplicably expired in 2016.
Why is this legislation so important?
These tax credits have a proven track record of being utilized by small businesses dedicated to growing in a challenging and volatile economic environment. Data also shows these tax credits are great investments in the Illinois economy. In fact, they quickly pay for themselves, and the program will create significant revenue for the state.
The cost of each tax credit is reasonable and can help onboard and train new employees. The tax credit program also is not complicated, so small business owners should not find it difficult to apply.
Reinstating these tax credits also will begin to level the playing field for small and local businesses that are consistently unable to share in the significant economic incentives awarded by our government each year.
The extent to which economic incentives have been reserved for large companies is stunning.
We are not arguing against tax credits and other programs that target large companies, but clearly, a more level playing field is needed so small businesses that support local communities can also have a fair chance to share in economic incentives.
Politicians say that small businesses are the backbone of the economy, so it’s time for them to prove their words are not simply lip service.
What can you do? Reach out to your state legislators and ask them to champion Senate Bill 1505 and House Bill 1819. Let them know reinstating the small business job creation tax credit program and supporting small businesses is important to you.
Believe me, as a constituent, your voice matters and reaching out to your legislators will have a huge impact!
• Elliot Richardson is co-founder and president of the Small Business Advocacy Council.