PARK RIDGE, IL – Small businesses that hire new employees as of July 1 are eligible to take advantage of a $2,500-per-job state tax credit, State Senator Dan Kotowski (D-Park Ridge) announced earlier this morning.
Beginning last week, businesses with up to 50 full-time employees that hire new workers earning at least $10-per-hour ($18,200 annually) will be eligible to receive the Small Business Job Creation Tax Credit for every job they create over the next four years.
“Small businesses need to be made aware of the incentive tools our state offers so we can continue to provide workers with good-paying job opportunities,” Senator Kotowski said. “We need to do whatever we can to help people find work and give small businesses tools to help them grow and jump-start the economy.”
First established in 2010, the Small Business Job Creation Tax Credit was set to expire in June 2012, but was extended through June 2016 under Senate Bill 397, which Kotowski supported. The purpose of the tax credit is to help reverse the trend of high unemployment in Illinois and to help spur the economy to recovery, by assisting and encouraging small businesses in the creation of local, sustainable, new jobs.
Business owners can visit http://JobsTaxCredit.illinois.gov to register for the tax credits, provide appropriate data, and print out their credit certificates.