Thank you so much to ALLIANCE FOR HUMAN SERVICES for giving our Chamber this beautiful and empowering recognition. Our main purpose is to work as a team and support all Businesses and Organizations' growth.
The Small Business Advocacy Council (SBAC) supports the 5-4 U.S. Supreme Court opinion in the South Dakota v. Wayfair, Inc. case, allowing states to collect sales tax on online transactions.
Prior to this ruling, local and small businesses in Illinois were at a financial disadvantage. Now states have the authority to compel online and catalog retailers, no matter where they are located, to collect sales tax at the time of a transaction - exactly like local retailers are already required to do. Additionally, this will create an estimated $200 million in additional annual revenue for Illinois without creating any new taxes.
“Today’s ruling is a key step in ensuring all avenues of commerce – online and brick and mortar – are treated fairly,” said SBAC President and Founder, Elliot Richardson. Richardson added, “The SBAC applauds this decision because it levels the playing field for Illinois’ small and local businesses while raising badly needed revenue for our state. This decision should also build momentum to pass federal legislation that ensures all businesses are able to compete when selling their products.”
The state of Illinois has already taken steps to collect sales tax from out of state vendors in the FY2019 Budget Implementation Act (PA 100-0587), signed into law on June 4th. This act includes language clarifying that businesses doing over $100,000 in sales or completing over 200 transactions in Illinois annually constitutes maintaining a place of business in the state, and therefore are now required to collect and remit sales tax to the state. Smaller entities that do not reach this threshold will not be impacted.
The next step on this issue is passing federal legislation requiring states to opt in to similar sales and use tax standards to create uniformity for businesses subjected to the changes. Earlier this month, SBAC leadership travelled to Washington, DC, to advocate in favor of the Marketplace Fairness Act (S. 976) and its companion legislation in the U.S. House of Representatives, The Remote Transaction Parity Act (H.R. 2193).
The SBAC is a non-partisan, member driven, organization that empowers small business through advocacy, networking, educational programs and cost-saving exclusive benefits. To learn more about our mission, please visit www.sbacil.org.
Congratulations to our Members First Bank of Highland Park named among the Top 100 Crain's Chicago Business 2018 Best Places to Work!