State Senators Seth Lewis, Craig Wilcox, and Dave Syverson announced on March 26 a four-bill legislative package intended to help small businesses, provide relief to workers, and improve Illinois’ economic competitiveness.
The lawmakers said the proposals are in response to ongoing economic challenges in Illinois, such as projected population loss over the next five years, stagnant job growth, and rising costs for employers and families. They outlined measures that would reward long-term business investment in the state, eliminate income taxes on tipped wages, offer relief to small retailers, and make health insurance more affordable for individuals and small business owners.
“Illinois is losing people, losing businesses, and falling behind,” Lewis said. “If we don’t change course, today’s challenges will only become more difficult tomorrow. We need to make Illinois a place people want to live, rather than leave.”
Lewis is sponsoring Senate Bill 3786 which would create a Legacy Tax Credit for businesses headquartered in Illinois. The credit would provide $100 per year of operation in the state plus additional credits based on employee retention with incentives for union workers. “This legislation tells employers that we see their commitment and appreciate it. It tells workers that their job matters and we want them to stay in Illinois,” Lewis said.
Wilcox is sponsoring two bills: Senate Bill 3792 would eliminate state income tax on tips for service workers; Senate Bill 137 would increase the retailer’s discount rate for small businesses with less than $50,000 monthly sales. “Simply put, if you earn it, you should keep it,” Wilcox said about tip income. He added that allowing employees to retain more earnings could improve retention rates among service sector staff.
Syverson’s Senate Bill 2763 aims at reducing health insurance costs by allowing taxpayers who purchase coverage independently or through small businesses to deduct premiums and qualified out-of-pocket medical expenses from their state taxes. “Right now… buying their own insurance are paying the same or often higher costs without receiving the same tax benefits,” Syverson said.
Wilcox has served as State Senator since his election in 2018 representing Illinois’ 32nd District according to public records.
The senators say these proposals are part of broader efforts to strengthen the state’s economy while encouraging residents and employers alike not just to remain but invest further in Illinois.
