According to the Small Business Administration, in 2018, Illinois small businesses employed 2.5 million people or 45.5% of the private workforce. Encouraging job growth to our state’s largest economic contributor is vital to ensure economic growth in the state. The Small Business Job Creation Tax Credit, allowed employers under 50 employees qualify for a tax credit for each new job created. Unfortunately, this program expired in 2016.
The SBAC strongly supports legislation to reauthorize $50 million for this tax credit. SB1232 received unanimous support on the subcommittee level and now goes before the full Revenue Committee for consideration.