Illinois Small Business Jobs Creation Tax Program
The Illinois Small Business Jobs Creation Tax Credit program provides incentive for small businesses to grow. Through the program, small businesses can receive a $2,500 tax credit for each new full-time position they create that meets the eligibility requirements. The program is for new jobs crated between July 1, 2012 and June 20, 2016, and is capped at $50 million worth of credits issued. The credit can be claimed against withholding tax payments.
Two categories of businesses are eligible to receive this credit:
1. Small businesses with 50 or fewer full-time employees on July 1, 2012
2. Any-sized business that hires a 2010 “Put Illinois to Work Program” worker-trainee
Eligible jobs are those that pay at least $10/hour or $18,200 annually and are sustained for one full year from the hire date. Note: the same person does not have to fill the job during the 12-month period, but the position must be filled and the company’s overall full-time employee headcount must not decrease.
Applicants can register both their business and their newly created job(s) at the DCEO (Illinois Department of Commerce & Economic Opportunity) jobstaxcredit.illinois.gov website.
If you have any questions, please contact Warady & Davis LLP at 847-267-9600.