Illinois Quick Hits: NFIB says biz deduction will bring jobs, benefit to Illinois

By Jim Talamonti | The Center Square
The Center Square

(The Center Square) – 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 a report 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.

CHICAGO ALDERMEN FAIL TO OVERRIDE VETO OF TIP CREDIT FREEZE

Chicago aldermen have come up short in their attempt to override Mayor Brandon Johnson’s veto of an ordinance freezing the city’s push to phase out the subminimum wage for workers.

Illinois Restaurant Association President and CEO Sam Toia expressed disappointment and urged the mayor to listen to the 30 aldermen he said stood up for operators and servers.

COOLEST THING MADE IN ILLINOIS HELPED BOOST ARTEMIS

The NASA Standard Initiator made by Chemring Energetic Devices in Downers Grove has won the 2026 Makers Madness contest for The Coolest Thing Made in Illinois.

The Illinois Manufacturers’ Association announced the winner on Wednesday from a field of more than 100 entries.

The IMA said the NASA Standard Initiator is an electrically-activated pyrotechnic device that played a critical role in the recent launch of the Artemis II/Orion mission.