McHenry Times

State Senator Craig Wilcox from McHenry is advocating for legislation aimed at providing financial relief to small businesses in Illinois. The proposed Senate Bill 137 seeks to alleviate the burden of sales tax collection on smaller retailers.

Wilcox highlighted the challenges faced by small businesses compared to larger corporations like Walmart and Walgreens. “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. He noted that while large companies can distribute these costs over their vast operations, smaller businesses bear a more significant financial strain.

Currently, businesses retain 1.75% of collected sales tax as a "retailer’s discount." The new bill proposes doubling this discount to 3.5% for those with monthly sales revenue under $50,000.

Noah Finley from the National Federation of Independent Businesses supports legislative efforts to reduce the burdens on small enterprises. “Collecting sales taxes on behalf of the government imposes a significant burden on Main Street retailers,” he stated. Finley emphasized that any form of relief would be beneficial amid rising business costs.

Wilcox expressed his commitment to supporting policies that benefit small businesses and contribute to job creation 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 remarked.

The bill aims not only to offer immediate financial assistance but also signals support for an essential sector within the state's economy.