Pushes for More Small Business Hiring Through Tax Credit
CHICAGO – September 22, 2010. Governor Pat Quinn today highlighted the need for continued partnerships between the business community and the state of Illinois while speaking at the 24th Annual Entrepreneurial Woman’s Conference hosted by the Women’s Business Development Center (WBDC).
“Our continued economic recovery is dependent on small businesses creating good-paying, long-lasting jobs,” said Governor Quinn. “That’s why Illinois worked with organizations like the WBDC to pass the Illinois Small Business Job Creation Tax Credit to boost hiring and promote the growth of Illinois small businesses.”
The Small Business Job Creation Tax Credit, proposed and signed into law by Governor Quinn earlier this year, went into effect July 1. The credit encourages businesses with 50 or fewer employees to apply for a $2,500 tax credit for each new full-time position created. The $50 million allocated for the credit will support the creation of 20,000 new jobs. Businesses can apply online at JobsTaxCredit.Illinois.gov.
Since taking office, Governor Quinn has made significant investments to boost Illinois’ small businesses. This summer, he signed legislation creating the Angel Investment Tax Credit to encourage investments in innovative Illinois businesses that are working to get off the ground.
Governor Quinn also signed legislation doubling the cap on Illinois’ existing New Markets Tax Credit program - from $10 million to $20 million. The program provides tax credits for new investment into small businesses in low-income communities. The increased cap could generate $125 million in private investment into Illinois businesses.
The Women’s Business Development Center is one of 38 statewide Small Business Development Centers that are a part of the Illinois Entrepreneurship Network, the state’s comprehensive system of small business resources. Over the years, WBDC has assisted more than 55,000 women in the Chicago area and helped establish 14 other additional women’s business assistance centers in six states. In addition, WBDC operates a Procurement Technical Assistance Center (PTAC) that has helped over 1,400 clients win contracts worth more than $260 million in business from the state of Illinois.
The 24th Annual Entrepreneurial Woman’s Conference is the oldest conference of its kind in the country and the premier event for women business owners in the Midwest, drawing attendees from around the country to the Chicago area for development workshops and networking opportunities.