Q. We’re interested in taking advantage of the new incentive for Illinois employers to hire veterans. What are the details?
A. On July 9, 2012, Gov. Pat Quinn signed legislation (S.B. 3241) that provides a tax credit to employers that hire veterans of the Iraq and Afghanistan wars. The new law is an enhancement to the Hiring Veterans Tax Credit and amends the state income tax code. The law became effective immediately.
The new law permits a credit equal to 20% of the gross wages paid to a qualified veteran. The credit is capped at $5,000 per veteran hired. The earlier credit was limited to 10% of gross wages and had an annual cap of $1,200.
The credit applies to hires of Illinois residents who were honorably discharged, active-duty members of the armed forces, the Illinois National Guard or any reserve unit who served on active duty on or after Sept. 11, 2001.
The veteran’s employment must be sustained for at least 185 days. However, the law provides a shortened employment period of more than 30 days for veterans who were unemployed for six months or more in the year before being hired.
Like what you've read? ...Republish it and share great business tips!
Attention: Readers, Publishers, Editors, Bloggers, Media, Webmasters and more...
We believe great content should be read and passed around. After all, knowledge IS power. And good business can become great with the right information at their fingertips. If you'd like to share any of the insightful articles on BusinessManagementDaily.com, you may republish or syndicate it without charge.
The only thing we ask is that you keep the article exactly as it was written and formatted. You also need to include an attribution statement and link to the article.
" This information is proudly provided by Business Management Daily.com: http://www.businessmanagementdaily.com/33012/what-are-provisions-of-illinois-new-tax-incentives-to-hire-veterans "
- Only interviewing a few candidates? Note why you skipped some applications
- Base hiring decisions on listed qualifications
- Developing Leaders: What's all the fuss about Gen Y?
- New scrutiny may change the way employers access social media
- Beware justifying hiring or promotion with criteria that don't appear in job description