From State Rep. Craig Wilcox:
Senator Craig Wilcox Champions Legislation to Provide Financial Relief to Illinois Job Creators
Springfield, Illinois—State Senator Craig Wilcox (R-McHenry) is sponsoring legislation this year that that would provide much-needed financial relief to the small businesses that employ millions of Illinoisans and drive the state’s economy.
“Every retailer in Illinois, whether it is a Walmart, Walgreens, or Costco, or a small mom and pop boutique or corner ice cream shop, must collect, track, and remit sales tax to the State of Illinois,” said Wilcox.
“The system used for this process is costly, and where a Walmart can spread that burden out over an extremely large base of operations, this legislation acknowledges and addresses the fact that for small businesses, this tracking and remitting system represents a much larger percentage of their base annual costs.”
Currently, as businesses collect and remit sales tax to the state, they are allowed to keep 1.75% of the tax
revenue collected through a “retailer’s discount”.
Through Wilcox’s Senate Bill 137, the retailer’s discount for those with less than $50,000 per month in sales revenue would double to 3.5%.
Noah Finley, the Illinois State Director of the National Federation of Independent Businesses (NFIB), said he welcomes efforts by legislators to ease the burdens placed on small businesses. “Collecting sales taxes on behalf of the government imposes a significant burden on Main Street retailers,” said Finley. “As the cost of doing business has risen over the past few years, any relief would be welcome to the small-business community.
“We look forward to working with the sponsor on legislation to promote Main Street businesses.”
Wilcox said he wants to champion policy proposals that recognize and assist small businesses that provide important jobs in Illinois communities.
“By providing small retailers with this level of financial relief, we are helping these job creators grow and thrive in Illinois,” he said.
“In a state that routinely over-regulates and nickels and dimes the business community, SB 137 would provide much-needed relief. It also signals of showing of support for this vital sector of the Illinois economy.”
