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Illinois Jobs Tax Credit

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Question
Illinois Jobs Tax Credit

Answer

This credit has expired on July 25th 2013: http://www.revenue.state.il.us/legalinformation/regs/part100/100-2120.pdf

Jobs Tax Credit
 To qualify for the credit:
 - you must be an employer who increased the total number employed within the enterprise zone, river edge redevelopment zone, or foreign trade zone (or sub-zone) during your previous tax year by five or more full-time eligible employees beyond the total employed in the zone at the end of the base year,
 - you must be an employer who employed eligible employees for 180 consecutive days during that tax year, and
 - the number of employees must equal five or more.

Definitions:

•-Base year means the last tax year in which you properly claimed the Jobs Tax Credit or 1985, whichever is later.


•-Eligible employee is an employee who
 - was certified by DCEO as eligible for services,
 - was hired after the enterprise zone, river edge redevelopment zone, or foreign trade zone (or sub-zone) was designated or after the trade or business was located in the zone, whichever is later,
 - was employed in the enterprise zone, river edge redevelopment zone, or foreign trade zone (or sub-zone), and
 - was a full-time employee, working 30 or more hours per week.


•-Employed means that services were performed in the zone or that the zone was the base of operations for services performed.


Note - You must be an employer in order to take this credit. The Jobs Tax Credit cannot be passed through to partners of partnerships or shareholders of S corporations.


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Article Details
Views: 353 Created on: Jun 15, 2013
Date updated: Sep 09, 2015
Posted in: STATES, Illinois

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