Senate Democrats applaud new grant funding for local chambers of commerce

Members of the Illinois Senate Democratic Caucus helped secure funding for local chambers of commerce that will go toward supporting businesses and helping them recover from the lingering economic impacts of the COVID-19 pandemic.

“The State of Illinois’ B2B Local Chambers program is critical to helping local chambers of commerce continue moving in a positive trajectory after the devastating effects of the pandemic,” said State Senator Elgie Sims, Jr. (D-Chicago). “Illinois is committed to supporting communities across the state through grant funding programs such as B2B and beyond.”

Administered by the Illinois Department of Commerce and Economic Opportunity, grants through the Back to Business Local Chambers program will be used by chambers to market and develop localities, provide small businesses with professional development opportunities and support small businesses and entrepreneurs while bolstering economic development.

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Aquino secures new child tax credit for Illinois families

SPRINGFIELD — Under a measure championed by State Senator Omar Aquino, working parents in Illinois will be able to claim a state-level child tax credit on their income taxes starting next year.

“Parents shouldn’t have to struggle to provide basic necessities to their children,” said Aquino (D-Chicago). “The child tax credit will help families put money toward things that are becoming even less affordable – like groceries and school supplies – during these inflationary times. The rising cost of living makes it even more vital to get this economic relief to folks who need it.”

House Bill 4951 – the Fiscal Year 2025 revenue package – includes $50 million for a new statewide child tax credit, something Aquino has been fighting for over the past several years. Beginning next year, parents eligible for the Illinois Earned Income Tax Credit with at least one child under age 12 will receive the child tax credit – equal to 20% of the state’s EITC in 2025 and 40% of the EITC in 2026.

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Sims: FY 25 budget invests in our communities

CHICAGO – Majority Caucus Appropriations Leader Senator Elgie R. Sims, Jr. (D-Chicago) released the following statement after the governor signed the Fiscal Year 2025 budget into law: 

“The budget signed today builds upon our strong, smart spending decisions of recent years that have led Illinois to not just one credit upgrade – but nine. 

“I am proud of the steps we took to continue Illinois on the right path. We didn’t just look at fiscal outcomes, but prioritized our most vulnerable populations – educating our young people, keeping our communities safe, creating good jobs, and growing our economy. 

“Continuing our principled and disciplined approach will keep our fiscal house in order. I am committed to doing the work necessary to ensure that Illinois continues to enact responsible budgets and remains on the path toward fiscal stability, investing in and uplifting marginalized people, all while prioritizing our communities and people who need the most assistance.” 

Stadelman leads pro-business initiative for clean energy manufacturing, quantum development

SPRINGFIELD — An economic growth package containing incentives for cutting-edge technology and clean energy manufacturing connected with the creation of new jobs in cities like Rockford cleared the Senate Sunday, thanks to State Senator Steve Stadelman.

“Thanks to the REV incentive program, Stellantis is investing nearly $5 billion in the 34^th District, leading to thousands of new jobs in the Belvidere community,” said Stadelman (D-Rockford). “This package will expand on these incentive programs and update our business development tools to make sure Illinois remains competitive for jobs and new capital investment.”

Read more: Stadelman leads pro-business initiative for clean energy manufacturing, quantum development