The Department of Commerce and Economic Opportunity's Illinois Entrepreneurship Network partners with several business development organizations and educational institutions that work with clients who have the vision and potential to become a high-growth enterprise. They will help your business connect outside the box. Please see below their latest news on how the state is getting money back to the small businesses.
Small Business Job Tax Credit Open for Businesses
Small businesses that create new jobs between now and June 30, 2011 may be able to take advantage of a $2,500 tax credit for new hires through the Illinois Small Business Job Creation tax credit. The new tax credit, proposed and signed into law by Governor Pat Quinn earlier this year targets the foundation of Illinois' economy - the 500,000 small businesses across the state.
The $2,500 credit is available to businesses with 50 or ferwer employees (including all locations) as of June 30, 2010. Ninety-five percent of Illinois businesses have fewer than 50 employees. New small business hiring their first Illinois employee(s) may also qualify for the credit.
The Illinois Department of Commerce and Economic Opportunity created a simple, easy to use online registration system for busy, small business owners. Eligible companies should register new positions online as soon as a new, full-time Illinois employee is hired and begins providing services. After one year, the companies will then return to the website to enter substantiating data and apply for their tax credit certificate. Tax credit certificates will be awarded beginning July 1, 2011. The total amount of credits issues is capped at $50 million, which will support 200,000 jobs.
Go here for eligibility requirements for the Illinois Small Business Job Creation Tax Credit, and to register a new position created by your company.
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