Under Illinois employment law, businesses who hire certain groups of employees could earn big tax credits this year.
According to the Illinois Department of Employment Security, employers who participate in the Work Opportunity Tax Credit program could earn up to $9,600 in federal tax credits for hiring certain groups of employees:
- Up to $2,400 for short-term welfare recipients and ex-felons
- Up to $9,000 over two years for long-term public assistance recipients
- Up to $9,600 per veterans for profit employers or up to $6,240 for non-profit organizations.
In addition to these federal credits, Illinois employers can earn substantial state tax credits for hiring veterans, particularly those who served during Operation Desert Storm, Operation Enduring Freedom, or Operation Iraqi Freedom. This credit can be up to $5,000. Ten percent of the total earnings paid to every qualified veteran hired after January 1, 2010 can be applied to the credit, as long as the veteran worked at least 185 days during the tax year....