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ILLINOIS GIVES TAX BREAK TO COMPANIES THAT HIRE

VETERANS -- "Both our veterans and businesses

will benefit from the new tax credit."

 

 

Story here... http://www.belleville.com/
mld/belleville/news/breaking_
news/16571583.htm

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State gives tax break to companies that hire veterans

News-Democrat

A new statewide tax incentive for businesses is meant to promote the hiring of Illinois' veterans, according to a news release from the office of Gov. Rod Blagojevich.

Employers can now earn income tax credit of up to $600 for every qualified veteran they hire.

State departments including Veterans' Affairs, Revenue, Employment Security, Transportation, Central Management Services, and Commerce and Economic Opportunity will make the credit available through their agency services.

"Our veterans put themselves in harm's way to protect our freedom. When they come home to Illinois, they should be able to find jobs and get the benefits they've earned," said Blagojevich in a statement.

"Both our veterans and businesses will benefit from the new tax credit and I want to encourage all employers to participate."

Beginning in tax year 2007, Illinois employers can earn tax credits for hiring veterans who have recently been on active duty overseas.

Employers can earn the new Veteran's Tax Credit of 5 percent of total wages paid, up to a maximum of $600 annually, for wages paid to each veteran hired after Jan. 1, 2007.

The veteran must work at least 185 days during the tax year for the employer to qualify.

The credit is available for veterans who were members of the Armed Forces, the Armed Forces reserves, or the Illinois National Guard on active duty in Operation Desert Storm, Operation Enduring Freedom, or Operation Iraqi Freedom.

For more information, visit www.tax.illinois.gov  or call the Department of Revenue's toll-free assistance line at (800) 732-8866.

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Larry Scott

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