In addition to the tax reform bill passed in Congress, Illinois small business owners are starting the new year with a couple pieces of good news.
Workers Compensation Medical Reimbursement
On December 20, the Illinois Workers’ Compensation Commission voted 5-4 to kill a proposal to increase the amount physicians can charge for patient evaluation/management, preliminary diagnosis, and postsurgical care by 30 percent. Illinois already has one of the top 10 highest costs in the nation, and this proposal would only have exacerbated the problem by setting a pattern in the fee schedule. Furthermore, several business groups noted that there is no data supporting the need for a 30 percent cost hike.
LLC Filing Fees
Also on December 20, Gov. Bruce Rauner signed Senate Bill 867, which significantly slashes LLC fees, benefiting many Illinois small business owners. Previously, these fees in Illinois were some of the highest in the nation. The LLC filing fee is now $150 (down from $500), the reinstatement fee is $200 (down from $500), the reserved name fee is $25 (down from $300), the annual report fee is $75 (down from $250), the amendments fee is $50 (down from $150), and the name transfer fee is $25 (down from $100).
“This is a step in the right direction for our small businesses,” Rauner said during the signing ceremony. “The new rates are more competitive with other states. By easing the fee burden for LLCs here, we are sending a message to entrepreneurs and small business owners in Illinois: Start here and stay here.”