Elmhurst Chamber Of Commerce: SBAC RISEes In Favor Of New Employee Tax Incentive

Press release from the Elmhurst Chamber of Commerce:

John Quigley

Mar 16, 2021

The Small Business Advocacy Council (SBAC) is seeking support for the RISE Act (House Bill 0801 and Senate Bill 2490) to provide a tax incentive to Illinois businesses that retain and hire new employees.

This RISE Act is designed to help both Illinois workers and their employers get back to work after the global economic slowdown resulting from the Coronavirus (COVID-19) Pandemic.  Small businesses in the technology, healthcare, and manufacturing spaces, as well as other small businesses, may be in the position to train and hire unemployed individuals.

As proposed, the tax incentive will help small businesses transition potential employees into new fields.  Businesses under 500 employees, there is a $2,500 tax credit for each net new employee retained and hired.  Business under 100 employees, the tax credit is $5,000 per new employee. Currently, the two bills differ only in an additional tax incentive for businesses located in disproportionally impacted areas of $500 in the House and $1,500 in the Senate.

House bill sponsors include State Representatives Jennifer Gong-Gershowitz (Chief Sponsor), Rita Mayfield, Dagmara Avelar, Tony McCombie, Martin Moylan, David Welter and Maura Hirschauer, while State Senator Ram Villivalam is sponsoring the Senate bill.

A House Committee hearing is scheduled for Thursday, March 18, at 3 p.m. in Springfield, with the Illinois Landscape Contractors Association and Home Care Association of America’s Illinois Chapter filing witness slips.

The SBAC also is developing grant program legislative for businesses with under 50 employees.

This press release was produced by the Elmhurst Chamber of Commerce. The views expressed here are the author’s own.