Businesses and non-profits in Northeast Illinois could be eligible for $2,500 tax credit for new jobs created through June 30
GLEN ELLYNï¿½ Illinois Department of Commerce and Economic Opportunity (DCEO) Director Warren Ribley visited the College of DuPage today to remind employers that there are just over seven weeks left to take advantage of the Illinois Small Business Job Creation Tax Credit. The $2,500 tax credit is available to qualified businesses that add a new job before June 30. Dir. Ribley was joined by representatives from the Illinois Small Business Development Center at College of DuPage, Choose DuPage, the College of DuPage's Business Solutions unit, and Titan Tool Works LLC.
ï¿½Even though the recession was hardest on small business, hiring is starting to pick up again. And just as weï¿½ve witnessed before, small businesses will help lead us into recovery,ï¿½ said DCEO Director Warren Ribley. ï¿½We must continue doing everything we can to build our economy, and this is an innovative way to put thousands of people to work across Illinois while helping businesses grow.ï¿½
Businesses and non-profits have until June 30 to apply for the Small Business Job Creation Tax Credit. New jobs created must pay at least $10 per hour, or the equivalent of $18,200 annually. The Small Business Job Creation Tax Credit was expanded in January to include two eligibility categories:
1. Small businesses and non-profits with fewer than 50 employees (including all locations) may be eligible for the credit for any position they create between July 1, 2010, and June 30, 2011.
2. Any-sized business or non-profit may be eligible for the credit if they hire a former worker-trainee from the 2010 "Put Illinois to Work" program. More than 26,000 people received valuable on-the-job training through the "Put Illinois to Work" program last year.
ï¿½As the economy begins to rebound, we are seeing an increased demand which has led us to reevaluate our workforce needs,ï¿½ said Bruce I. Goldstein, Chief Financial Officer, Titan Tool Works LLC, one of the businesses that is taking advantage of the SBJCTC. ï¿½This tax credit couldnï¿½t have come at a better time, when so many small businesses, like Titan, are in need of an extra boost and more people are looking for work.ï¿½
"We appreciate that the State is doing everything it can to kick start the recovery for small businesses and put people back to work. So far, our local businesses have been able to register for the credit after hiring a wide range of positions, from mechanical engineer to butcher/counter help to a new business coordinator,ï¿½ said Greg Bedalov, President of Choose DuPage.
"COD Business Solutions encourages business owners to learn more about the Stateï¿½s efforts to support their growth and success. In challenging economic times, collaboration and teamwork are more necessary than ever. We appreciate Director Ribleyï¿½s efforts to inform greater DuPage small business owners of this opportunity," said Joseph Cassidy, Dean of Continuing Education and head of the College of DuPage's Business Solutions unit.
For eligibility requirements for the Illinois Small Business Job Creation Tax Credit, and to register a new position without ever having to leave the office, visit JobsTaxCredit.illinois.gov.