The REST Act Supports Small Businesses! (H.R.3725)
The SBAC is strongly supporting legislation filed by Representative Newman designed to cut taxes on entrepreneurs and small businesses across the country. The Relief and Equity for Small Businesses through Tax (REST) Act adjusts Section 199A of the Internal Revenue Code to increase the deduction of qualified business income from 20% to 25% for business owners making less than $100,000 in taxable annual income.
Simply put, this means entrepreneurs that generate less than $100,000 in income will pay fewer taxes so they can grow their businesses.
Read Congresswoman's Marie Newman's Press Release HERE.
What can politicians do right now to help businesses?
With the resurgence of COVID-19 cases, we need politicians to support the small business community now. The SBAC’s Elliot Richardson explains some things politicians can do right now to help in his Business Ledger article! Read Article
501(c)(6) Relief
Stimulus for 501(c)(6) Organizations Small businesses, nonprofits, and chambers of commerce across the nation are struggling to stay afloat during the COVID-19 pandemic. While the CARES Act included relief for 501(c)(3) organizations, 501(c)(6)s were inexplicably excluded from this important legislation that would have provided significant aid to these crucial nonprofits, including local chambers of…
Occupational Licensing Reform
READ H.B 4012 Why Occupational Licensing Needs Reform Occupational licenses are issued to protect the public’s health, safety and welfare. The number of required licenses in Illinois has grown from a handful in the 1950’s to over 430 today. Policymakers across the political spectrum are challenging states to examine occupational licensing and its impact on…
