The small business community scored a big win when the Small Business Job Creation Tax Credit Act advanced out of the House Revenue and Finance Committee. This legislation will support small businesses by establishing $2500.00 tax credits for businesses with 50 or fewer employees that hire a net new employee. These tax credits will help businesses grow, create jobs, and support local communities. The process for procuring these tax credits will not be complex, so small businesses will not have to expend considerable time and money to navigate the process.

The tax credits created through the Small Business Job Creation Tax Credit program will create 20,000 new jobs over five years, foster economic development, and generate revenue for the state. Reinstating this program will be a big win for the small business community.

The next step is for this legislation to pass the Illinois House and move to the Senate. We would like to thank Assistant Majority Leader Curtis Tarver for being the Chief Sponsor of this bill and Representative Barbara Hernandez, Representative Kevin John Olickal and Representative Martin McLaughin for co-sponsoring this legislation.

Read the Fact sheet HERE