Tax Credit

  • Gillespie, Pritzker announce investment to support 17,000 apprentices in 2020

    Apprenticeships

    CHICAGO – State Senator Ann Gillespie (D-Arlington Heights) joined Gov. Pritzker to announce a $4.7 million expansion of the Illinois Apprenticeship Program. This expansion makes a record $20 million investment in the program and will serve 17,000 participants this year.

    “Apprenticeships are a proven tool for workforce development and provide new workers an opportunity for a long-term career path,” Gillespie said. “Today, Illinois reinforces our commitment to investing in apprenticeships and the options they provide for both employers and youth. These options are even more critical as we work our way through the far-reaching economic fallout from the COVID-19 pandemic.”

  • Bennett invites small business owners to a tax credit workshop

    cashCHAMPAIGN – State Senator Scott Bennett (D-Champaign) is partnering with the Illinois Department of Revenue (IDOR) and the Champaign County Chamber of Commerce to host a free workshop about the Minimum Wage Tax Credit on Tuesday, Feb. 11 at 2 p.m. at the Champaign County Chamber of Commerce (303 W. Kirby Ave., Champaign). 

    On Jan. 1, the first phase of minimum wage increases took effect, raising the wage from $8.25 an hour to $9.25 an hour. Under the new law, small businesses are eligible for a tax credit, giving them a maximum credit of 25% of the difference between the new minimum wage and what each employee was paid previously.

    “We need to keep small businesses competitive during this transition period,” Bennett said. “This informative workshop will help connect small business owners with updated information on the Minimum Wage Tax Credit to help offset the state’s minimum wage rate and ease their transition.”

    Businesses and nonprofits with 50 full-time equivalent employees or less are eligible for the credit and can begin to claim on their quarterly Illinois Withholding Income Tax Returns.

    Nick Austin of the IDOR will present at the workshop and provide assistance. Bennett urges small businesses to take advantage of this tax credit and participate in the February workshop. 

    For more information or to RSVP, please contact Senator Bennett’s office at 217-355-5252 or SenatorBennett.com, or visit IDOR’s website tax.illinois.gov. 

  • Lightford reminds businesses of minimum wage tax credit

    min wg tx cred 010620SPRINGFIELD – Senate Majority Leader Kimberly A. Lightford (D-Maywood) reminds small businesses to take advantage of the minimum wage credit starting this year. The new tax credit is intended to help small businesses over the next six years as a part of the state’s minimum wage increase plan.

    “Keeping small businesses competitive is a priority when increasing the minimum wage,” Lightford said. “I encourage businesses to take full advantage of this tax credit to ease their transition.”

    Businesses and nonprofits with 50 full-time employees or less are eligible to offset a portion of the minimum wage increase cost from their withholding income taxes. Eligible businesses can claim this credit by filing Form IL-941, Illinois withholding income tax return, and a new schedule.

  • New law protects rights of living organ donors

    Sen. Julie MorrisonSPRINGFIELD – Living organ donors in Illinois would have increased protections under the law under a proposal passed by State Senator Julie Morrison (D-Deerfield) that was signed into law today by Gov. Pritzker.

    “Across Illinois, thousands of residents are awaiting a kidney transplant. Sadly, less than a quarter of patients who were on the organ donation waiting list last year actually received an organ transplant,” Morrison said. “We must do more to incentivize individuals willing to give so much of themselves for the health of another.”

    Morrison’s new law – contained in House Bill 2847 – would prohibit insurance companies from refusing to insure or limiting the kind of coverage available needed for care solely because an individual was a living organ donor.

  • Sims effort to boost Illinois’ standing in film and TV industry becomes law

    film productionSPRINGFIELD—A proposal to make Illinois more attractive to film companies was signed into law today.

    The plan, sponsored by State Senator Elgie R. Sims Jr. (D-Chicago), extends the length of the state’s film production tax credit with the aim of raising Illinois’ national standing in the film and television industry.

    “This move will help put Illinois a step above our competition,” Sims said. “We have seen exponential growth over the years, and this tax credit would boost that by making the state more attractive to film and television companies around the world.”

    The new law extends the end of the Film Production Tax Credit from Jan. 1, 2022 to Jan. 1, 2027.

  • Sen. Jennifer Bertino-Tarrant disappointed in Senate’s approval of Trump’s Tax Plan

    jbt 120817PLAINFIELD- State Senator Bertino-Tarrant (D-Shorewood) is disappointed in the U.S. Senate’s approval of President Trump’s changes to the federal tax code that will hurt families across the 49th State Senate District.

    The plan would benefit wealthy corporations at the expense of hardworking Illinois families. It is projected to increase the federal deficit anywhere from $1 to $1.78 trillion, according to figures released by the nonpartisan Joint Committee on Taxation.

  • Congressional Republicans try to undo win for Illinois teachers

    teachers supplies taxLocal lawmakers stand with educators, urge Congress to do the same

    CHICAGO – A tax policy win for teachers in Illinois is now at risk of being undermined at the national level as Congressional Republicans and President Trump debate wiping out tax relief for teachers who spend their own money on classroom supplies.

    The federal debate comes just months after state lawmakers created a new tax credit in an effort to recognize the realities classroom teachers face. A trio of North Side state lawmakers is speaking out to defend teachers and criticize Republican efforts in Congress.

    “That’s Washington and the White House going in entirely the wrong direction,” Illinois Senate President John J. Cullerton said.

  • New tax credit available for DuPage teachers: Cullerton

    tc consol 051717VILLA PARK- State Senator Tom Cullerton (D-Villa Park) is urging DuPage County teachers to take advantage of a new tax credit in Illinois for public school teachers and administrators who use personal funds to purchase school supplies for their students.

    “Educating our children is a noble profession,” Cullerton said. “Our state should serve as a partner and honor the investments our educators have made in the future of Illinois. This tax credit will help lessen the burden for teachers who work endlessly to ensure our children receive the best education possible.”

    Teachers and administrators can qualify for a tax credit up to $250 for instructional materials and supplies used in the classroom.

    “DuPage County teachers are training the future leaders of Illinois,” Cullerton said. “92 percent of teachers across our nation spend their own money on classroom supplies to educate our children. It is our duty to provide support and resources to our educators for their generosity.”

    The Illinois tax credit is available in addition to the current $250 federal deduction. It is available to teachers, principals or aides in a qualified school who work at least 900 hours during a school year.

     Area educators with questions on the new tax credit can call Cullerton’s Villa Park office at (630) 903-6662.

  • Stadelman secures extension of River Edge Historic Preservation Tax Credit

    stadelman050417SPRINGFIELD – State Senator Steve Stadelman (D-Rockford) secured passage of legislation today that extends the River Edge Historic Preservation Tax Credit for four more years starting in January 2018.

    Stadelman passed a measure in December extending the tax credit, originally set to expire Jan. 1, 2017, until Jan. 1, 2018. Today’s vote allows the credit to last through January 2022.

    “The tax credit has already incentivized hundreds of millions of dollars of development in Rockford alone,” Stadelman said. “This will help put crumbling infrastructure back to use, grow the economy and increase revenue.”

    The credit has been an important economic tool for the revitalization of downtown Rockford, and is equal to 25 percent of the rehabilitation costs for a business in a historic building. 

    Previously, the tax credit was used to incentivize projects like the $12 million renovation at the Prairie Street Brewhouse, which also created 110 construction jobs. In addition to Rockford, the credit is also available in Aurora, Peoria, Elgin and East St. Louis.

    Senate Bill 1783 passed the Senate unanimously and will now move to the House for consideration.