Small businesses in Illinois have one more reason to hire full-time employees after Governor Pat Quinn signed a law giving them as much as $2,500 in tax credits for every new employee they add in their workforce. The state has earmarked $50 million in financial incentives to encourage businesses with 50 or fewer employees to start hiring. Quinn said he expects the new legislation to create 20,000 jobs over the next 12 months. "Small businesses are essential to the Illinois economy and it’s crucial that state government find fresh and creative ways of working with entrepreneurs, who will lead the charge toward economic recovery," Quinn said in a statement. The law covers only full-time employees who have an hourly wage of at least $13.75. The governor's office encouraged small business owners to apply as soon as possible because applications will be considered on a first-come first-served-basis until the $50 million cap is met. The program begins on July 1 this year and ends on June 30, 2011. The governor's office said small businesses form the backbone of the state's economy as more than 95% of businesses in Illinois have fewer than 50 employees.  |