Peoria Public Radio Staff
Tue February 26, 2013
House Republicans want to reduce cost of starting business
Illinois House Republicans want to cut the corporate income tax and reduce the cost to start a business. It’s 750-dollars now to become a limited liability corporation, or LLC, in Illinois.
Republicans say in bordering states Missouri, Indiana, and Iowa, the fee is less than 100-dollars.Representative Dwight Kay, a Republican from Glen Carbon, also proposes lowering the state corporate tax rate to its 20-11 level, before an increase went into effect. “We all understand that businesses need to pay taxes. But they don’t need to pay some of the highest tax rates in the nation and hope to survive." Kay says the tax cut would allow businesses to add more jobs. He says that would make up for the estimated half-a-billion dollars Illinois would lose in tax revenue.