- On May 31, 2016
The Illinois Small Business Job Creation Tax Credit provides small businesses a $2, 500 per job Illinois withholding tax credit by creating one or more new, full-time positions that meet certain eligibility requirements. Qualifications for the credit are:
- The small business has no more than 50 full-time employees
- The new full-time position needs to be created between July 1, 2012 through June 30, 2016
- The position must be paid no less than $10/hour or $18,200 in annualized salary
- The employer has to keep the position for one year, but is not required to retain a particular individual for one year
- Credit could be applied to a hourly employee working an average of 35 hours/week – Note: but not a partner or an independent contractor
- The tax credit eligibility begins with the date of hire and registration for the credit may be made until June 30, 2016
Eligible companies must register that they have created a new position online at JobsTaxCredit.Illinois.gov.
Please contact us at 847-382-9130 if we can assist you or your business. We consult and work closely with accountants and tax specialists thus enhancing our ability to advise business clients about their operations.