By Monica Stabile
Legislation in the Illinois Statehouse would offer tax credits for employers to create and retain jobs in Illinois.
Sen. Chuck Weaver, R-Peoria, sponsors Senate Bill 1766, The Business and Employment Development Tax Credit Act, which would grant businesses an income tax credit with the goal of expanding business and employment opportunities.
To qualify for a tax credit, businesses would be required to secure existing jobs that would otherwise be cut or transferred to sites outside of Illinois. Businesses must also create “net new jobs,” meaning that a job is brand new to Illinois and hasn’t been transferred from another location in the state.
Under the proposed legislation, the Illinois Department of Commerce and Economic Opportunity would be responsible for awarding eligible businesses an income tax credit.
The credits would be available for five years and could be renewed for another five if businesses continue to follow the program’s requirements. Tax credits would be capped at $50,000,000 per year.
The amount of the tax credit would be calculated based on the percentage of the wages paid to new or retained full-time and part-time employees.
Contact Monica Stabile at intern@springfieldbusinessjournal.com.