New tax credit available for small businesses in Austin

April 14, 2010
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By Tony Ellis, Legislative and Community Outreach Coordinator
for state Rep. La Shawn K. Ford (D-8th District)

Rep. Ford praised Gov. Pat Quinn for signing the Illinois Small Business Job Creation Tax Credit into law this week. The measure, unanimously passed by the Illinois General Assembly, will help small businesses create and retain jobs in the Chicagoland area.

“Good paying jobs are essential to the well-being of Illinois’ families, and successful small businesses are essential to help communities prosper,” Ford said in a statement. “The talent is here, the motivation is here, and now the resources are here to help businesses put good people to work.”

Public Act 96-0888 creates the Illinois Small Business Job Creation Tax Credit, which will provide small businesses with $2,500 tax credits for each new full-time employee they hire during Fiscal Year 2011.

To be eligible for the credit, businesses must have fewer than 50 employees and new hires must: sustain a newly created job for 12 months; receive more than $25,000 annually; and must not be previous employees of the company or its affiliates. Business owners must apply for the credit when hiring new employees, and are encouraged to act quickly as only 20,000 total tax credits will be awarded, totaling $50 million statewide.

“People want to work and businesses want to hire new employees, and this legislation will be a huge boost to the local economy,” Ford said. “If you or someone you know are looking for new employees, let my office know and I will send out your job posting to my constituents who are looking for jobs, or if you are looking for a job, let me know and I will add you to the distribution e-mail list.”

To receive Ford’s job posting e-mails or to post new job openings, contact the West Side lawmaker’s district office at (773) 378-5902 or e-mail lkf@ilga.gov.

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