McHenry Times

Illinois Senator Craig Wilcox has introduced new legislation aimed at providing financial relief to workers and small businesses. Senate Bill 140, authored by Wilcox, proposes a tax deduction for tipped workers in Illinois. The bill would allow these workers to deduct the full amount of their tips from their state income taxes, which are currently taxed at a rate of 4.95%. This move aligns with efforts by some states and former President Trump to eliminate taxes on tips.

Wilcox argues that tips should not be considered part of an individual's base salary and therefore should not be subject to taxation. "SB 140 is pro-worker, pro-small business, and pro-taxpayer," he stated. The National Restaurant Association has shown support for similar policies since August 2024.

In addition to his focus on worker relief, Wilcox is also championing legislation to aid small businesses in Illinois. Senate Bill 137 seeks to double the retailer's discount from 1.75% to 3.5% for businesses with less than $50,000 in monthly sales revenue. This change aims to alleviate the financial burden of collecting and remitting sales tax for smaller retailers compared to larger corporations like Walmart or Walgreens.

"Sponsoring policy proposals that recognize and assist small businesses that provide important jobs in Illinois communities has always been a priority for me," said Wilcox.

Meanwhile, residents are reminded of the upcoming deadline for the "Valentines for Seniors" card drive organized by Senator Wilcox's office. Participants have until February 7 to submit cards or drawings intended for local seniors.

The state is also encouraging participation in the Broadband Breakthrough program led by the Benton Institute for Broadband & Society and the Illinois Broadband Lab. This initiative supports counties in securing funding and building partnerships as part of broadband expansion efforts.

Finally, taxpayers can begin filing their 2025 income tax returns starting January 27 through both federal IRS Direct File and Illinois' MyTax system. Taxpayers are advised to file early using electronic methods with direct deposit options available for faster refunds.