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CCH® PAYROLL — 07/28/10

Illinois adopts Small Business Job Creation Tax Credit regulations

Illinois has adopted emergency corporate income tax regulations implementing the recently enacted Small Business Job Creation Tax Credit Act (SBJC). The SBJC was signed into law in April 2010, and emergency rules were needed as the incentive period began on July 1, 2010. The law created a $2,500 tax credit to be used against withholding tax for employers with 50 or fewer employees who hire new and full time employees during the 12-month incentive period.

The revenue department has not specified an expiration date, so the regulations will expire at the end of 150 days or when replacement rules are adopted, whichever comes first. (14 Ill. Adm. Code 529 through 529.110, Illinois Register, Volume 34, Issue 29, effective July 1, 2010, and as noted.)

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