Martin Hood LLC | Illinois Small Business Jobs-Creation Tax Credit
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Illinois Small Business Jobs-Creation Tax Credit

Illinois Small Business Jobs-Creation Tax Credit

 

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The Illinois Department of Commerce & Economic Opportunity (DCEO) has a created a program in order to give small business owners an extra boost to grow their business. They offer a payroll tax credit of up to $2,500 per eligible new job created by a small business. If you have 50 or fewer full‐time employees as of July 1, 2012 and you create a new position, you may be eligible for this credit. To be eligible, the position must be:

 

  1. A newly created, full‐time position
  2. Created between 7/1/12 and 6/30/16
  3. Position must pay no less than $10/hour or the equivalent annualized salary of $18,200
  4. Position must be sustained for at least one year (not necessarily held by the same individual for that year)
  5. Withholding tax goes to Illinois

 

Additional information about the credit can be found here: https://jobstaxcredit.illinois.gov/default.aspx

 

If you think that you may be eligible or if you have additional questions about this program, please feel free to contact us. We can assist you with registering the position with the DCEO and gathering the necessary documentation to claim the credit.