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Senator Villivalam to Reinstate Small Business Tax Credit for Creating New Jobs
SPRINGFIELD,IL – Smaller businesses will once again be able to benefit from a tax credit for creating new full-time jobs under a plan announced by Senator Ram Villivalam and Representative Jennifer Gong-Gershowitz (D-Glenview) today.
“Small businesses make a community vibrant and unique, and this encourages them to seek out more employees,” said Villivalam, a Chicago Democrat. “This tax credit was introduced during the recession, and it should not have been allowed to lapse under the previous governor.”
The proposed legislation would provide small businesses with a tax credit worth $5,000 per new employee making at least $15 an hour and working 35 hours per week. A total of $75 million in tax credits will be awarded, with the credit set to sunset after six years.
“This legislation will spur economic development and help create jobs,” said Elliot Richardson, president of the Small Business Advocacy Council. “Small businesses drive our economy and support local communities. Passing this important bill will send the right message to Illinois entrepreneurs, empower the small business community and foster economic growth.”
The legislation will be Senate Bill 3498.