Q. Our company wants to apply for tax credits under Illinois Senate Bill 1578. How do we know if we’re eligible?
A. S.B. 1578, which became law in April, amends the Illinois Income Tax Act. The law aims to create 20,000 jobs through a tax credit program for small businesses with 50 or fewer employees.
The Illinois Department of Commerce and Economic Opportunity administers the program. Small businesses are awarded a tax credit valued at $2,500 for each full-time job they create in fiscal year 2011. An employer must sustain the job for a full year, and the annual salary must be at least $25,000.