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Governor signs Weaver-sponsored legislation to help grow businesses and jobs

Springfield – Statewide efforts to grow businesses and create jobs received a major boost this week as Illinois Governor Bruce Rauner has signed legislation co-sponsored by State Sen. Chuck Weaver (R-Peoria).

“The creation of new businesses is one of our best tools to help grow both jobs and our state economy," said Sen. Chuck Weaver, a Peoria Republican who was among those sponsoring the legislation in the Senate. “This new law will help encourage our entrepreneurs to launch new businesses, which will create new opportunities for growth. This is a win for Illinois.”

On Wednesday, Illinois Governor Bruce Rauner signed Senate Bill 867 into law. The legislation, co-sponsored by Weaver, slashes filing and reporting fees for limited liability companies (LLC’s). Many of the state’s 1.2 million small business utilize the LLC structure.

Many business groups have sited the cost of the fees as a major reason businesses have moved to neighboring states for expansion.

The fee reductions in SB867 include:

Item

Before

Now

LLC Filing Fee

$500

$150

Reinstatement

$500

$200

Reserved Name Application

$300

$25

Annual Report

$250

$75

Amendments

$150

$50

Name Transfer

$100

$25

“We can’t get our state out of the financial mess it’s in without growing businesses and good-paying jobs,” said Sen. Weaver. “This new law will substantially increase our state’s business friendliness and help drive economic growth.”

SB867 was an initiative of the Small Business Advocacy Council.

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