Small business tax credit bill moves to Illinois House

3/20/2010 11:42:00 AM
By: Emily Ford and Jim Fitzpatrick    

Illinois House Speaker Mike Madigan is sponsoring legislation to create a small business tax credit, proposed by Governor Quinn. The bill unanimously passed the Revenue and Finance Committee. Madigan says the bill limits the amount the state will spend on the proposed tax credit.

   
Small businesses with 50 or fewer employees would receive a $2,500 credit for each new full-time Illinois employee they hire. To be eligible, employers would have to take on the new hires during a one-year period beginning July 2010. The tax credit, however, can be extended for up to five years. The bill now heads to the House floor.

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