Last spring, Illinois Governor Pat Quinn created the IL Small Business Job Creation Tax Credit, which we provided an overview of here. Illinois small businesses with 50 or fewer total employees, as of June 30, 2010, and any-sized businesses that hire a 2010 “Put Illinois to Work Program” worker-trainee, may be eligible to receive a $2,500 tax credit for one or more new eligible positions created between July 1, 2010 – June 30, 2011.
If your business has hired a new employee in the past year, make sure to check if you are eligible for this tax credit before it expires on June 30, 2011!
Eligible jobs must meet the following criteria:
- Position created between 7/1/10 – 6/30/11
- Position pays no less than $10/hour or equivalent with minimum $18,200 annually
- Position sustained for at least one year (not necessarily held by the same individual for the year)
- Withholding tax goes to Illinois
- Position is hourly or full-time, but not partners or independent contractors.
For more information, please visit the Small Business Job Creation Tax Credit website. The IL Department of Commerce and Economic Opportunity (DCEO) has also recorded a webinar with more information. The webinar can be viewed here for free on “Recorded Information Session 5/12/11.”