Turner measure to uplift small businesses

SPRINGFIELD - In an effort to boost small businesses, State Senator Doris Turner is leading a measure to set aside reinvestment funds for capital expenses, such as building improvements, equipment and technology.

"Small businesses are the backbone of our communities, boosting local economies while bringing entertainment, food and more to our neighborhoods," said Turner (D-Springfield). "It's important that we give business owners the necessary tools to help them be successful, expand and thrive."

Senate Bill 3614 would create the Small Business Asset Purchase Account for small businesses to deposit reinvestment funds. The measure would allow a 50% income tax deduction in the tax year the small-business owner contributes the funds and another 50% income tax deduction in the tax year the small-business owner withdraws the funds.

Turner's legislation aims to free small-business owners from the artificial constraints of the tax calendar, allowing them to re-invest their hard-earned funds at the optimal time and for their most pressing needs while avoiding unnecessary financing costs.

Senate Bill 3614 was heard in the Senate Revenue Committee Thursday.

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