Minimum Wage Tax Credit Available
>>> IMPORTANT! – Illinois SMALL BUSINESSES
A Minimum Wage Tax Credit is now Available
Recover Up to 25 Percent of Wage Increases
The Illinois Department of Revenue (IDOR) is advising small businesses they can utilize the Minimum Wage Credit starting January 1, 2020. The new tax credit is designed to help small businesses offset the state’s minimum wage rate that will gradually increase to $15 an hour over the next six years.
Beginning this year, businesses and nonprofits with 50 full-time equivalent employees or less are eligible to offset a portion of the minimum wage increase cost from their withholding income taxes. The maximum credit amount allowed is 25 percent of the difference between the new minimum wage and what each employee was paid previously. Businesses can claim the credit on their quarterly Illinois Withholding Income Tax Returns. Visit tax.illinois.gov for information on how to calculate this credit.
New T&D Metals Plant 3 Up & Running
UPDATE on the progress of T&D Metal Products’ plant 3 that was made possible in part by revolving loans from Iroquois County & the City of Watseka. The plant is up and running on phase 1 production. They are currently fabricating 4 different styles of steel Gun Cabinets that are starting to go out to the market. The first large box store orders to Mills Farm & Fleet were shipped in July. The next large quantity orders will go out in September to Menards! The plant is still in the ‘ramp up’ stage, and there are a number of additional pieces of equipment to be added and additional hiring to be done as volume continues to grow, but they have already created 11 new jobs. It should be noted that the quality cabinets T&D is building have been well received by their customers. – Another great success story for a major Iroquois County employer. —