IL Gov. Quinn signs law to help small businesses hire with tax credit

Quinn signs law to help small businesses

CHICAGO — Gov. Pat Quinn has signed a law giving tax credits to small businesses that hire new full-time employees.

The new law Quinn signed Tuesday is for a $2,500 credit on the state withholding tax.

It’s for businesses with 50 or fewer employees that hire full-time employees starting July 1. To qualify, the new job has to last at least a year and pay at least $25,000.

Small business owners who joined Quinn at a bill-signing ceremony say it will help them expand their companies and hire more workers.

Employers must apply for the tax credit as soon as a new employee is hired. The total amount of tax credits in the state is capped at $50 million.