A Publication of WTVP

To ensure a healthy business climate, it is important the business community take an active role in legislation affecting business.

The Peoria Area Chamber of Commerce joined with chambers of commerce around the state to approve a statewide Chamber Legislative Agenda. The agenda includes both standing policies and positions on specific issues.

As a local Chamber, we believe these issues affect our members and will support these positions:

Unemployment Insurance Tax Relief

Health Care Mandates

Minimum Wage Increase

Workers’ Compensation Reform

Family and Medical Leave Act Expansion

Pro-Investment Tax Policies

The research and development tax credit provides a 6.5 percent tax credit that can be claimed on increased R and D activities. This means if a company spent $1 million one year on R and D, and the $1,000,001 the next year, they would only be able to claim the one dollar increase for the tax credit. The Department of Revenue determines "increased activities" as any increase over the average expenditures for the previous three years.

The existing credit will be preserved as an option for businesses that do make significant year over year increases in their R and D spending. IBI