Government Affairs Roundup
“Your Timely Roundup of Local, State, and Federal Updates”
Chamber members:
Early voting in Illinois is on track to potentially break records this year, reflecting a nationwide trend. Swing states like Georgia and North Carolina have already seen record-breaking early voting numbers, according to The Associated Press. In Illinois, the State Board of Elections’ “Pre-Election Ballot Report” shows that 1,179,699 mail ballots have been sent to voters. Of those, 431,982 have been completed and returned, while 309,524 in-person early votes have also been cast. With that said, read below about a recent chamber candidate forum.
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Candidate Forum
Our chamber partnered with Scott Slocum and 1340 WJOL this past Monday to run candidate interviews for Will County Executive, Illinois Senate Districts 43 and 49, as well as Illinois House Districts 86 and 97. You can hear the podcasts here: https://www.wjol.com/podcast/
The following races were highlighted and each has their own podcast:
Will County Chief Executive Officer
Jennifer Bertino Tarrant
Charles “Chuck” Maher
Illinois State Representative – 86th District
Lawrence “Larry” Walsh, Jr.
Jim Lanham
Illinois State Senate – 49th District
Meg Loughran Cappel
Katie Deane-Schlottman
Illinois State Senate – 43rd District
Rachel Ventura
Jennifer “Jen” Monson
Illinois State Representative – 97th District
Harry Benton
Gabby Shanahan
Have You Filed Your Beneficial Ownership Report?
Deadline: January 1, 2025
The Corporate Transparency Act (CTA) created a rule called the Beneficial Ownership Information (BOI) reporting framework. This rule helps make business ownership more transparent and accountable. It requires corporations and LLCs to report information about the people who own or control them to a government agency called the Financial Crimes Enforcement Network (FinCEN). This information is important for checking backgrounds, following laws, and managing risks. The goal of the CTA is to stop illegal activities by making it harder for people to hide behind fake companies.
7 Important Things to Know:
What is the CTA?
The Corporate Transparency Act (CTA), passed in 2021, requires this reporting to make business ownership more transparent and to prevent illegal activities. Starting this year, many businesses in Illinois must follow this rule.
What exactly is BOI?
Beneficial Ownership Information is about the people who own or control a company, either directly or indirectly. Corporations and LLCs registered before January 1, 2024, have a January 1, 2025, deadline to file.
Why is it important?
This information is crucial for banks, governments, and businesses to check backgrounds, manage risks, and follow laws related to sanctions, terrorism, fraud, and money laundering.
Who has access?
Certain officials (like federal, state, local, and tribal) and some foreign officials can access this information for security and law enforcement. Banks can also access it under specific conditions.
What information is included?
The reports include names, birth dates, addresses, and ID numbers like passport or driver’s license numbers.
Are there penalties for not reporting?
Not reporting or incorrectly reporting this information can lead to heavy fines (up to $500 per day) and even jail time (up to two years) and a $10,000 fine.
Can corrections be made after filing?
If there are mistakes in the reports, they can be fixed within 90 days of the original deadline.
For further information visit https://www.fincen.gov/boi
Illinois Pension Roundtable Report
A variety of proposals are being considered to address Illinois’ $140 billion unfunded pension liability, with ideas ranging from tax increases to asking pensioners to contribute more. Last week, the Better Government Association hosted a roundtable in Chicago to explore solutions to this issue.
One of the topics discussed was how Tier II pensions, which apply to public employees in Illinois hired after 2011, may need revision to comply with Social Security regulations. State Rep. Stephanie Kifowit (D-Oswego), a panelist at the event, emphasized the importance of finding a plan that is both fiscally responsible and fair to employees.
“Regardless of what plan is agreed upon, it needs to be fiscally responsible for the state and equally respectful of the work our employees do,” Kifowit said. “We need to acknowledge that this problem must be fixed.”
One proposal is to raise the income tax to help increase pension payments. Another, suggested by State Rep. Steven Reick (R-Woodstock), is to tax retirement benefits for public employees. Currently, Illinois does not tax retirement benefits. “If we’re asking taxpayers to contribute more, retired public employees should also pay their share by being taxed on their pensions,” Reick said.
Kifowit, however, disagreed with this approach, stating that it would unfairly target state pensioners. “To treat state employee pensioners differently than other retirees feels discriminatory to me,” Kifowit said.
Reick argued that pension reforms must address the rising costs caused by the 3% compounded annual cost-of-living adjustment (COLA), which he believes is a major driver of the pension debt. The Illinois Constitution guarantees Tier I employees these increases, as well as fully taxpayer-funded health insurance. Significant changes to the pension system are not expected in the next legislative session next year.
Governor Pritzker Announces Relief Available to July Storm Victims in Illinois – Multiple Tax Deadlines Postponed to Feb. 3, 2025
Governor JB Pritzker and the Illinois Department of Revenue announced disaster tax relief for individuals and businesses in parts of Illinois affected by severe storms, tornadoes, straight-line winds, and flooding that began on July 13, 2024.
“As communities across Illinois recover from July’s severe storms, my administration remains committed to supporting them every step of the way,” said Governor JB Pritzker. “Residents who live or have businesses in the affected areas won’t need to worry about incurring penalties and interest on their tax deadlines until February. This additional time will allow them to gather essential paperwork and focus on recovering without added financial stress.”
Affected taxpayers now have until Feb. 3, 2025, to file various state individual and business tax returns and make tax payments. Relief is being offered to any area designated by the Federal Emergency Management Agency (FEMA). Currently, this includes Cook, Fulton, Henry, St. Clair, Washington, Will, and Winnebago counties. Individuals and households that reside or have a business in any one of these localities qualify for income tax relief. The same relief will be available to any county added later to the disaster area.
The tax relief postpones various income tax filings and payment deadlines that occurred beginning on July 13, 2024, and ending on Feb. 3, 2025 (postponement period). As a result, affected individuals and businesses will have until Feb. 3, 2025, to file returns and pay any income taxes that were originally due during this period.
This means, for example, that the Feb. 3, 2025, deadline will now apply to:
- Quarterly estimated income tax payments normally due on Sept. 16, 2024, and Jan. 15, 2025.
- Quarterly payroll and excise tax returns normally due on July 31, Oct. 31, 2024, and Jan. 31, 2025.
Please note: Any individual, business or tax-exempt organization that had a valid extension to file their 2023 federal return are NOT eligible for the extra time because they were due last spring before the storms occurred.
Sales and excise taxes and the Motor Fuel Use Tax (IFTA) are NOT included. For storm relief questions related to IFTA, please email REV.IFTA@illinois.gov.
Penalties for failing to make payroll tax deposits due on or after July 13, 2024, and before July 29, 2024, will be abated, as long as the deposits were made by July 29, 2024.
If filing a return via postal mail, impacted taxpayers should write “July 2024-Storms” on the top of their returns in red. If filing electronically, taxpayers must notify the department that their return will be delayed by emailing REV.DisasterRelief@Illinois.gov. They should provide their full name, account number (if using a social security number, only include the last four digits), mailing address, and an estimate of when they believe they can file or pay their taxes.
If impacted taxpayers have already been billed for penalties, they should email REV.DisasterRelief@Illinois.gov. and provide their name, business name, account number(s), and the periods for which they filed late due to the storms in order to request penalty abatement. Taxpayers should be sure to include “July 2024 Storms” in any communications with the department requesting relief.
Deadline to Apply for SBA Physical Disaster Loans Approaching in Illinois
The U.S. Small Business Administration (SBA) is reminding businesses, private nonprofit organizations, homeowners and renters in Illinois affected by the severe storms, tornadoes, straight-line winds and flooding that occurred July 13 – 16, to apply for physical damage disaster loans by the Nov. 19 deadline.
Those affected by the disaster should not wait to settle with their insurance company before applying for a disaster loan. If a survivor does not know how much of their loss will be covered by insurance or other sources, SBA can make a low-interest disaster loan for the total loss up to its loan limits, provided the borrower agrees to use insurance proceeds to reduce or repay the loan.
The disaster declaration covers Cook, Fulton, Henry, St. Clair, Washinton, Will and Winnebago counties which are eligible for both Physical and Economic Injury Disaster Loans from the SBA. Small businesses and most private nonprofit organizations in the following adjacent counties are eligible to apply only for SBA Economic Injury Disaster Loans (EIDLs): Boone, Bureau, Clinton, Dekalb, DuPage, Grundy, Jefferson, Kane, Kankakee, Kendell, Knox, Lake, Madison, Marion, Mason, McDonough, McHenry, Mercer, Monroe, Ogle, Peoria, Perry, Randolph, Rock Island, Schuyler, Stark, Stephenson, Tazewell, Warren and Whiteside in Illinois; Lake in Indiana; St. Louis in Missouri; and Green and Rock in Wisconsin.
Applicants can still get assistance at SBA’s Business Recovery Centers (BRCs). Customer Service Representatives at the BRC will help business owners complete their disaster loan application, accept documents, and provide updates on an application’s status.
The center is located at the Will County Center for Community Concerns (2455 Glenwood Ave., Joliet) and will be open 8 AM to 7 PM on Mondays through Fridays and from 8 AM to 12 PM on Saturdays. It will be closed on Sundays.
On October 15, 2024, it was announced that funds for the Disaster Loan Program have been fully expended. While no new loans can be issued until Congress appropriates additional funding, we remain committed to supporting disaster survivors. Applications will continue to be accepted and processed to ensure individuals and businesses are prepared to receive assistance once funding becomes available.
Applicants are encouraged to submit their loan applications promptly for review in anticipation of future funding.
Stay well,
Mike Paone
Executive Vice President
Joliet Region Chamber of Commerce & Industry
mpaone@jolietchamber.com
815.727.5371 main
815.727.5373 direct