The Illinois Senate Revenue Committee heard SB 3614, an NFIB initiative, that would permit small businesses to set up tax-preferred small business asset purchase accounts.

The legislation’s sponsor, Senator Doris Turner (District 48), filed SB 3614 to empower small businesses to make investment decisions based upon operational needs rather than arbitrary tax timelines.

“Small businesses are the backbone of our communities,” said Senator Doris Turner. “No big business can match the care and support of a local mom and pop shop. It’s time we allow small businesses to make necessary improvements that will allow them to grow and thrive.”

NFIB Illinois State Director Noah Finley and NFIB member Todd Bringuet of Ace Sign Co. testified in support of the proposal.

“Operating a small business is not for the meek,” Bringuet said. “Small business owners are the drumbeat of our economy. Small business asset purchase accounts are a way to let these entrepreneurs know that we support their desire to grow here in Illinois. By providing the flexibility to optimally time critical reinvestments, this tool empowers small businesses to maximize the impact of their investments to create jobs and grow the local economy.”

“Small business asset purchase accounts would free small-business owners from the artificial constraints of the tax calendar, allowing them to re-invest their hard-earned funds at the optimal time and for their most pressing needs while avoiding unnecessary financing costs,” Finley testified.