Job Hiring Tax Credit Expires on June 30

citizen |

CRESTWOOD, IL A $2,500 job creation tax credit to help small businesses offset the cost of hiring new workers will expire at the end of June, and State Rep. Bob Rita (D-Blue Island) is urging eligible companies to quickly submit their applications.

This job creation tax credit helps small businesses expand by off-setting the cost of hiring new employees, Rita said. If local companies are planning to hire new employees, they should submit their application before the tax credit expires on June 30.

For small businesses employing 50 or fewer full-time employees, the Illinois Small Business Job Creation Tax Credit provides a $2,500 credit for each new position created between July 1,2010 and June 30, 2011.

According to Rita, the position must be sustained for at least one year and pay at least $10 per hour ($18,200 annually). Partners and independent contractors are not eligible positions for the purposes of the credit.

Smart business owners are using every available resource to expand and position themselves to grow when recovery kicks into full gear, Rita said.

Larger companies that participated in the Putting Illinois to Work program during the same time period and sustained a position paying $10 per hour ($18,200 annually) are eligible for a $1,250 credit if the position was sustained for six months. They can obtain a $2,500 credit if sustained for one year or more.

This credit is just one of the many incentive programs I have supported to help the state partner with business to create jobs, said Rita. I urge eligible companies to leave no money on the table.

The deadline for hiring and registering new positions is June 30, 2011. More information, as well as online applications for the tax credit, can be found at http://jobstaxcredit.illinois.ciov, or by calling (800) 252-2923.For more information, please contact Ritas constituent service office at (708) 396-2822.

Latest Stories

Latest Podcast

STARR Community Services International, Inc.