Skip to content

Business Advocacy

Important Business Update:

Beneficial Ownership Reporting Due Jan. 1

BOI Hero Banner

 

An important 2024 federal law requires most businesses to comply with strict reporting requirements by January 1, 2025.

The Corporate Transparency Act – designed to combat illicit activity conducted through anonymous shell companies - mandates companies to file a Beneficial Ownership Report (BOI Report) with the Financial Crimes Enforcement Network (FinCEN) by January 1, 2025, unless it meets one of 23 exemptions.

Every entity formed with the Secretary of State of any jurisdiction before January 1, 2024, including solo businesses and small LLCs, must file its BOI Report or may be subject to penalties of up to $500/day.

Get more information on the FinCEN website, and watch this video on how to file your report.

Legislative News

Illinois State Legislative Action of Note

November 21, 2024

Highlights from Today:

 

The House and Senate were in Springfield for this week's third day of action and the final day of veto session. There was limited floor action and no committee hearings.

Both chambers have released their Spring session calendars. View the House here. View the Senate here. As of now, the lame-duck session is expected to be busy. Mark January 2nd-7th on your calendars as potential dates for legislative activity. January 8th is the inauguration of the 104th General Assembly.

 

Floor Action of Note:

 

HB 793, 14(c) Certificate Transition passed the Senate 43-11-0 and has now passed both chambers. Among other things, this bill equires the Department of Human Services to eliminate on December 31, 2029 the use of active or pending certificates authorized under Section 14(c) the federal Fair Labor Standards Act of 1938. Requires the Department of Healthcare and Family Services, in partnership with the Department of Human Services, to file an amendment to the Home and Community-Based Services Waiver Program for Adults with Developmental Disabilities authorized under the Social Security Act to increase the rates for the following waiver services: Supported Employment - Small Group Supports. Requires the amendment to be filed by January 1, 2025.In provisions requiring the Employment and Economic Opportunity for Persons with Disabilities Task Force to create a multi-year plan to eliminate Section 14(c) certificates, requires the Task Force to create the multi-year plan with the Illinois Council on Developmental Disabilities and an academic partner with relevant subject matter expertise. Provides that the multi-year plan shall help the State to successfully eliminate the use of Section 14(c) certificates on December 31, 2029.

 

SB 2703, TIF Extensions passed the Senate 48-3-1. This bill amends the Tax Increment Allocation Redevelopment Act of the Illinois Municipal Code. Extends the estimated dates of completion of redevelopment projects and the retirement of obligations issued to finance redevelopment project costs for various ordinances adopted by the Village of Melrose Park, City of Knoxville, the City of Chicago, and the City of St. Charles. Creates tax increment allocation financing extensions to the 47th year (currently, the 35th year) for various ordinances adopted by the Village of Melrose Park, Village of Lansing, and Village of South Holland.

 

Floor Action of Note Spring 2024:

SB 2637, Prohibited Food Additives-Opposed passed out of Senate Public Health. This bill amends the Illinois Food, Drug and Cosmetic Act. Provides that, beginning January 1, 2027, a person or entity shall not manufacture, sell, deliver, distribute, hold, or offer for sale a food product for human consumption that contains brominated vegetable oil, potassium bromates, propylparaben, or red dye 3. Provides that a person or entity that violates the prohibition shall be liable for a civil penalty not to exceed $5,000 for a first violation and not to exceed $10,000 for each subsequent violation. The Chamber opposes this bill.

 

SB 2682, Women in Tech Task Force passed out of Senate State Government Committee. This bill creates the Increasing Representation of Women in Technology Task Force. Includes provisions concerning Task Force membership, meetings, and duties. Provides that the State of Illinois Office of Equity shall provide administrative and other support to the Task Force.

 

SB 2862, Higher-Ed In-Demand Jobs passed out of Senate Higher Education Committee 12-0-0 yesterday. This bill provides that the Board of Higher Education shall compile, on an annual basis, a list of the most in-demand jobs in this State, along with the starting salary, the median salary, and the typical education level for those jobs. Provides that the Board shall make the list available to the public on its Internet website.

 

SB 2906, Home Rule County Use Tax Collection passed out of Senate Revenue Committee. This bill provides that, if a home rule county imposes a home rule county use tax, then the tax shall be collected by the Department of Revenue when the property is purchased at retail from a retailer in any county in this State other than the home rule county imposing the tax. Includes provisions relating to collection and administration of the tax. Provides that the Department shall not begin collection and enforcement before January 1, 2025.
Illinois Chamber Releases 2024 End of Session Report

 

The Illinois Chamber is proud to release our annual End of Session Report. Our team has diligently drafted, tracked, and advocated on legislation impactful for the business community.

 

This report opens with a message from our President and CEO Lou Sandoval as well as highlights of the biggest legislative items this year. You will then find a section-by-section recap of the legislation tracked and lobbied by each of the Chamber’s 7 policy councils. If you would like to discuss any of these legislative matters, Please do not hesitate to reach out to our team.

This document is a product of advocacy over the past year. Click this link to view the report.

 

From the Illinois Chamber of Commerce

IL Chamber Logo

Governor Pritzker Gives State of the State and Budget Address

 

On Wednesday, Feb 21st, Governor Pritzker provided his combined annual State of the State and Budget Address in front of members of the General Assembly, constitutional officers, and numerous other officials and guests. The address corresponded with the release of the FY25 budget documents, including the proposed FY25 operating budget and the FY25 capital budget.

 

The Illinois Chamber's full response to the Governor's address is provided below.

 

The Illinois Chamber of Commerce is aligned with the Governor's goal of expanding opportunities for the growth of businesses of all sizes and to continue the expansion of our state's gross domestic product that has surpassed $1 trillion.

 

We are, however, disappointed by the Governor's proposal to extend the cap on business net operating loss. The cap is nothing more than forced borrowing of funds from Illinois businesses to finance government.

 

We are also disappointed by the Governor's proposal to reduce the sales tax retailers' discount. This is a stealth tax increase on our retail sector, who are managing increased operating expenses due to rising labor and raw materials forcing them to operate on already razor thin margins.

 

We appreciate the Governor's unwavering support for education and we are aligned that investing in education is vital to building a brighter future for our communities. We believe strongly that educational optionality should be the right of all our states students, especially those in underrepresented communities which saw significant cutbacks due to the expiration of the Invest in Kids Act.

 

Fiscal-Year-2025-Budget-in-Brief.pdf (illinois.gov)

 Here's what our members are saying:

 "AHS Family Health’s affiliation with the Niles Chamber gives us the opportunity to connect with local, state and federal legislators to support pro-business initiative and collectively address challenges faced by the community."   

Dr. Muhammad Paracha, MD, AHS Family Services

Scroll To Top