The Illinois legislature recently passed and signed into law the Small Business Job Creation Tax Credit. This tax credit applies to businesses that employ 50 or less full-time employees as of June 30, 2010. If your business meets that qualification and creates a new, full-time position after July 1, 2010, which pays at least $25,000 annually, you business can receive a $2500 tax credit against withholding taxes beginning July 1, 2011. The credit is available on a first-come, first-serve basis through an online application that will launch July 1. Please follow this link for more information.
Also, the Illinois Department of Employment Security is offering workshops throughout the state in June, and August regarding Unemployment Insurance and the Work Opportunity Tax Credit. Please take advantage of these workshops if they apply to you.
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