Stoller's bill allows small businesses to deduct high state and local taxes from federal returns
In supporting a bill to let small businesses deduct from federal income taxes some state and local taxes, there's bipartisan recognition of Illinois' high tax burden. State and local tax, or SALT deductions were capped at $10,000 by the federal government in 2017. That impacts taxpayers paying high taxes in states like Illinois. Peoria-area State Sen. Win Stoller, whose district includes Knox County and Galesburg, has Senate Bill 2531 at the statehouse that would change state tax code so businesses can take advantage of a change the IRS approved allowing them to file as an entity, ra...