Legislation provides long overdue relief to working families, provides tax credits for small businesses
SPRINGFIELD, IL- Today, State Representative Bob Morgan voted to increase the minimum hourly wage for Illinois workers to $15 an hour by 2025. SB1 increases the Illinois minimum wage for the first time since 2010.
“Working families throughout Illinois have seen the cost of living skyrocket as their wages remain stagnant,” Morgan said. “This increase will provide desperately needed relief for hard working Illinoisans that struggle with poverty despite working full time.”
SB1 is supported by the Illinois Restaurant Association and includes tax credits for small and medium-sized businesses to help them offset a significant amount of the increased wages. The increase will also go into effect over a six year period starting with $9.25 on January 1, 2020 and increasing gradually to $15 by January 1, 2025.
“Stakeholders from all affected industries and groups were a part of the conversation. This increase is necessary and I am pleased the final version of the bill includes benefits for small businesses,” Morgan said.
The full text of the bill can be found here.