$2500 Tax Credit For Small Businesses
Save Email Print
Bookmark and Share
Updated: 11:28 PM Mar 13, 2010
$2500 Tax Credit For Small Businesses
Governor Pat Quinn's recent budget proposal hit hard for many local agencies that rely on state funding. Despite massive budget woes, he wants to lower the state's unemployment rate by investing in small businesses. However, it may not be so luring for everyone.
Posted: 8:30 PM Mar 13, 2010
Reporter: Kimberly Brown
width:320 and height: 240 and picwidth: 213 and pciheight: 159
Font Size:

Swilligan's in downtown Rockford is having its re-grand opening under new ownership. The St. Patricks Day weekend parade helped boost business.

"This weekend has been the best weekend that we've had so far," Tonya Redding said.

The owners hope it keeps coming so they can hire more people. Under Governor Quinn's new small business proposal, small business owners who have 50 or less employees could recieve a $2500 tax credit for each person they hire.

"Hiring new people as business grows, it would be beneficial to us because that would help us get over the hurdle of all the expenses we've had to do," Redding said.

The owners have made renovations with more Irish flares. They still have pictures to hang that bring a snap shot of old Rockford. So, that tax credit would help.

For other business owners, who are not looking to hire, the tax credit would not help them.

"In my business there's not enough... me - that I can afford to hire people and pay out a payroll, I just can't do that," Cheryl Walker said.

Walker owns Forgotten Treasures and is considered to be the only full time employee. If she hired someone just to get the tax credit, she would actually lose money because she would be hiring someone she didn't need to hire.

Several lawmakers said the Governor's idea doesn't do as much help as it intends. Senator Syverson said if businesses are going to hire regardless of the tax credit, the credit would be a bonus and not make the best use of state money.

Since the tax credit is part of the state budget, it would only be available if passed by lawmakers later this summer.

WIFR AP Video
Average Gas Price
Per Gallon
  
Prices by automotive.com