The Springfield recap: Highlights from this legislative session

The Illinois legislative session has concluded, and laws were passed that will support small businesses struggling to hire employees and significantly impact health insurance. The General Assembly continued to prioritize larger enterprises over small and local businesses. We are encouraged, however, that legislation requiring a fair share of state tax incentives be awarded to businesses with 50 or less employees gained traction.

Larger tax credits for hiring formerly incarcerated individuals

Illinois politicians enacted a law that will support small businesses struggling to hire employees, foster opportunities for formerly incarcerated individuals, improve public safety and significantly reduce the costs of reincarceration. Soon small businesses will be able to receive a much higher tax credit for hiring formerly incarcerated individuals to offset the costs of on-the-job training. This hard-earned victory took years to achieve and came to fruition through grit, collaboration, and the leadership of dedicated policymakers.

Entrepreneurs who hire formerly incarcerated individuals often talk about how this practice has helped their companies thrive. The Illinois General Assembly has allocated $1 million per year to fund these tax credits so interested small business owners should move swiftly to learn more about the program.

Healthcare Protection Act

With bipartisan support, a robust new law was enacted that significantly changes the landscape for health care and health insurance in Illinois. The Healthcare Protection Act prohibits insurance companies from requiring prior authorization before policyholders can receive inpatient mental heath treatment in a hospital. The bill also requires health insurance companies to update their network directories every 90 days, so consumers know which doctors can provide them treatment. The legislation requires health insurance companies to provide an accessible list of drugs covered by policies and prohibits insurance companies from requiring patients to utilize lower-cost drugs and treatments instead of those recommended by physicians. The law makes additional reforms focused on making health insurance more affordable.

Despite strong public support, one piece of legislation that stalled in the General Assembly was the implementation of a Prescription Drug Affordability Board. This legislation aims to put guardrails around the excessive cost of certain drugs, which will increase access and should reduce health insurance premiums. We will continue working to find common ground with the opponents of this legislation because a solution must be reached that makes drugs more affordable and reins in insurance premiums for small businesses.

Property taxes

While our efforts to provide tax relief to small businesses struggling to pay high property taxes did not make it past the goal line, we made significant progress moving the ball down the field. We secured sponsors for the relevant legislation and helped educate policymakers about this initiative. Clearly, something must be done to address the impact escalating property taxes are having on small businesses. This is an election year, and we encourage folks to ask the candidates vying for their votes to support, sponsor and champion this bill.

Next month’s column will provide additional updates from Springfield, along with ways to engage policymakers over the next few months. The small business community continues to harness the power of critical mass to advance policies that will support the small business community. Let’s keep the momentum going this summer.

• Elliot Richardson is co-founder and president of the Small Business Advocacy Council.