Tax policy

A year into the pandemic, many small businesses in Illinois continue to struggle to keep their doors open. While government funding programs have provided a crucial lifeline for many businesses, one-off funding opportunities are not going to be enough to support the long-term recovery of our small business economy. The proposed Illinois Earned Income Credit (EIC) expansion would help address this by closing the gaps in federal funding relief programs and putting more money into the pockets of  low-income and working-class Illinoisans.

Small Business Majority wrote to the Georgia Senate Finance Committee to request that language establishing a state earned income tax credit (EITC) be added to HB 593, the Tax Relief Act of 2021. This would put money directly in the pockets of small business owners and stimulate local economies.

Small Business Majority submitted a letter to the Georgia Senate Finance Committee to ask them to remove legislation implementing a CAPCO tax credit program from HB 587, which would provide $150 million worth of tax credits to “certified capital companies.” The CAPCO model is fundamentally flawed and this money would be much better spent directly supporting Georgia's small businesses.

Today, Small Business Majority submitted a letter to Senate leadership supporting healthcare provisions in the current iteration of the American Rescue Plan, which has vital measures that will strengthen access to healthcare and lower costs for small businesses and their employees. 

Small Business Majority submitted a letter to the Wisconsin Senate Comittee on Financial Institutions and Revenueof in support of SB2 Senate Amendment 4, which would bring Wisconsin state tax laws for small businesses in conformity with the CARES Act and federal income taxes regarding small business owners’ ability to deduct allowable expenses paid from Paycheck Protection Program (PPP) loans on their state income taxes.

On February 12, Small Business Majority penned a letter to Senate leaders to offer our strong support for key provisions in the stimulus package that are essential to our nation’s small businesses at this critical time. 

On February 10, 2021, Small Business Majority submitted testimony in support of SB 58, which would create a state earned income tax credit (EITC) providing a much-needed boost to the state’s small business community. 

Today, Small Business Majority submitted remarks to the House Committee on Finance during the Virginia Regular Session support SB 1146, which would provide up to $50,000 in deductions related to the Rebuild Virginia Grants and up to $50,000 for forgiven PPP loans. SB 1146 would create parity in how PPP funds are treated at both the federal and state level and would allow small businesses not to incur more debt during the pandemic.

Small Business Majority submitted written testimony during Virginia's General Session in support of HB 1787, which would establish an state income tax exclusion for Paycheck Protection Program (PPP) borrowers. Small Business Majority called on the House Committee on Finance to support the legislation as it would help small buisnesses by creating parity in how PPP funds are treated at the federal and state level. 

Today, Small Business Majority submitted a letter of support for Amendment Item 4-14 #5-H, Tax Credit for PPE Purchased by Small Business and Other Organizations. This would create a tax credit for the purchase of personal protective equipment (PPE) by small businesses, sole proprietors and other eligible organizations. The amendment also specifies that the credit is meant to include women-owned and minority-owned businesses, as these are groups that are often left behind by the tax code.