Small businesses with 50 or fewer employees may receive a $2,500 tax credit for each full-time job earning at least $13.75 per hour they create and sustain for at least one year thanks to legislation recently passed by the Illinois House and Senate.
“During these tough economic times, job creation is the number one priority for my constituents, many of whom are without work and struggling to make ends meet,” said state Rep. Monique Davis, who sponsored the Small Business Job Creation Tax Credit Act.
Eligible employees must not have been previously employed by the business or one of its affiliates that is claiming the credit. The Department of Commerce and Economic Opportunity is handling the online application process and will award the tax credits to those who qualify, said Davis.
“While rebuilding the economy will not happen overnight, there are initiatives at the state level, such as the small business job creation tax credit, that will help encourage job creation and get people back to work,” she said.
“During these tough economic times, job creation is the number one priority for my constituents, many of whom are without work and struggling to make ends meet,” said state Rep. Monique Davis, who sponsored the Small Business Job Creation Tax Credit Act.
Eligible employees must not have been previously employed by the business or one of its affiliates that is claiming the credit. The Department of Commerce and Economic Opportunity is handling the online application process and will award the tax credits to those who qualify, said Davis.
“While rebuilding the economy will not happen overnight, there are initiatives at the state level, such as the small business job creation tax credit, that will help encourage job creation and get people back to work,” she said.
