NFIB Report Projects Job Growth And Economic Gains In Illinois From Small Business Tax Deduction

SPRINGFIELD – The National Federation of Independent Business says Illinois is projected to gain 48,000 new jobs each year for the next decade now that the federal small business tax deduction was made permanent last year. The NFIB released areport on Wednesday estimating an annual Illinois GDP increase of $3.2 billion for the first decade and $6.6 billion per year after 2035. Since 2017, the small business tax deduction has allowed small businesses to deduct up to 20% of their business income.