Illinois Small Business Job Creation Tax Credit

-
Small businesses that create new jobs between now and June 30, 2011, may be able to take advantage of a $2,500 tax credit for new hires through the Illinois Small Business Job Creation Tax Credit. The new tax credit, proposed and signed into law by Governor Pat Quinn earlier this year, targets the foundation of Illinois' economy – the 500,000 small businesses across the state.

The $2,500 credit is available to businesses with 50 or fewer employees (including all locations) as of June 30, 2010. Ninety-five percent of Illinois businesses have fewer than 50 employees. New small businesses hiring their first Illinois employee(s) may also qualify for the credit.

The Illinois Department of Commerce & Economic Opportunity created a simple, easy-to-use online registration system for busy, small business owners at http://jobstaxcredit.illinois.gov/. Eligible companies should register new positions online as soon as a new, full-time Illinois employee is hired and begins providing services. After one year, the companies will then return to the web site to enter substantiating data and apply for their tax credit certificate. Tax credit certificates will be awarded beginning July 1, 2011. The total amount of credits issued is capped at $50 million, which will support 20,000 jobs.

Comments

Post a Comment

Popular posts from this blog

Illinois Chamber, Government Affairs Report

-
Image
          GOVERNMENT AFFAIRS ------------ Report     July 12th, 2024    This Week in Illinois   President & CEO Sandoval Testifies in Senate Transportation Committee Hearing on Mass Transit and the Economy   On Tuesday, the first of at least six hearings on public transit was held at the Bilandic Building in Chicago. There is an anticipated funding gap that will arise for regional transit in 2026 after COVID-related federal funding has been exhausted. The budget deficit is projected to be $730 million to return to pre-pandemic service levels. This first Senate Transportation Committee hearing was on how transit suppor...
Read more

Local High School to Win a SMART Board in 5th Annual Recycle Your Style Contest

-
Goodwill of Central Illinois will hold the 5th Annual Recycle Your Style Contest. High school students within Goodwill’s territory are encouraged to donate their used clothing. The high school that donates the most pounds of clothing will win a SMART Board donated by Bradfield’s Computer Supply. The contest runs from October 1st through October 31st. “This has been a very successful campaign for us,” said Bob Parkhurst, Goodwill Vice President. “We are grateful for Bradfield’s Computer Supply’s donation of a SMART Board each year. That prize really heats up the competition among the high schools.” Donations of items other than clothing are encouraged, but only clothing will count toward the contest. Only high schools are eligible, but others can participate including teachers, family and school supporters. Donors need to tell the Goodwill donation attendant which high school they are supporting for their donation to be counted. Donations can be made at any of Goodwill’s nine stores o...
Read more