October 19, 2018  
 
Gaebler.com is a daily online magazine covering small business news. We help entrepreneurs transform ideas and innovations into greatness.

Small Business News for Entrepreneurs

 

Small Business Finance News

 

Illinois Increases Business Tax By Nearly 50 Percent

Written by Ken Gaebler
Published: 1/13/2011

In a move that undoubtedly impact small business growth and economic recovery, Illinois approves a 50% spike in the corporate tax rate.

The Illinois state legislature is delivering some bad news for small businesses. The governing body recently approved a 46 percent corporate tax increase, which has many owners grumbling, revising budgets and considering relocation.

Entrepreneur Improving Trend

As a result of the decision, small businesses will now be paying a tax rate of 7 percent, up from the current 4.8 percent. However, added together with the 2.5 percent personal property replacement tax Illinois mandates, business owners' tax burden will now reach 9.5 percent.

"This will hurt business in the state," Steven Slack, president of Home State Bank, told the Northwest Herald. “I know several manufacturing clients being courted by other states; they could leave and take all those jobs with them.”

However, neighboring state Wisconsin is touting its business- and job-friendly environment. In a recent statement, Governor Scott Walker cited bills under consideration to provide tax relief to small businesses, lessen regulations that stifle growth and expand tax credits for relocating companies as reasons to do business in the state.

Wisconsin's tax rate is 7.9 percent, according to the Herald.

Have Friends Who Might Like This Article?

Tweet via @gaeblerdotcom Share this on Twitter

Let them know on LinkedIn

Ready to Learn More? We Think You Might Like These Articles:

 


About Our Small Business News

We publish news articles for entrepreneurs five days a week. Our small business news articles review trends in business management, analyze the impact of new government policies, present relevant entrepreneurial research findings, and cover many other topics of interest to entrepreneurs.

 

 

Additional Resources for Entrepreneurs

Help for Native American Entrepreneurs

Resources for Gay Entrepreneurs

Businesses for Sale

Online Entrepreneur Tools

Economics

Lists of Small Business Incubators

Lists of Angel Investors