SMALL BUSINESS TAX CREDIT
The proposed amendments define 'full-time employee' as someone working a minimum of 35 hours per week, ensuring that businesses maintain compliance with a standardized definition of employment. The bill also modifies the continuity requirement for job retention, allowing for a replacement hire within eight weeks of a vacancy to count as a continuous net increase in full-time employees. By tightening these definitions and requirements, HB1819 aims to foster a supportive environment for small businesses to thrive and grow their workforce.
HB1819, presented by Representative Curtis J. Tarver II, seeks to amend the Small Business Job Creation Tax Credit Act. The bill aims to renew tax credit incentives for small businesses that create employment opportunities by hiring full-time employees. Specifically, it alters the timeline for incentive periods, extending it from July 1, 2018, to June 30, 2025, providing a clearer pathway for small businesses to benefit from the program designed to stimulate job creation within the state.
There may be points of contention surrounding the removal of language related to the 'Put Illinois to Work Program' during these incentive periods, which could affect the targeted assistance for certain demographics previously covered under that program. Stakeholders might debate the implications of redefining full-time employment and the potential impact on small business hiring practices, especially during economic uncertainties. Overall, while proponents argue that these changes are necessary for economic growth, there may be concerns regarding fairness and equitable access to these tax credits.