SMALL BUSINESSES IN ILLINOIS ARE URGED TO APPLY FOR A NEW MINIMUM WAGE TAX CREDIT. 

THE CREDIT IS AVAILABLE TO BUSINESSES AND NONPROFITS WITH 50 FULL-TIME EMPLOYEES OR LESS SAYS STATE DEPARTMENT OF REVENUE SPOKESPERSON SAM SALUSTRO.

THE CREDIT IS DESIGNED TO HELP OFFSET THE COST OF THE MINIMUM WAGE INCREASE THAT TOOK EFFECT JANUARY FIRST. IT’S OPEN TO BUSINESSES AND NONPROFITS WITH 50 OR LESS FULL-TIME EMPLOYEES SAYS STATE DEPARTMENT OF REVENUE SPOKESPERSON SAM SALUSTRO.

THE MAXIMUM CREDIT AMOUNT ALLOWED IS 25 PERCENT OF THE DIFFERENCE BETWEEN THE NEW MINIMUM WAGE AND EACH WORKER’S PREVIOUS WAGE. IT WILL END IN 2026 FOR MOST SMALL BUSINESSES. BUSINESSES CAN CLAIM THE CREDIT BY FILING FORM I-L-941, ILLINOIS WITHHOLDING INCOME TAX RETURN AND A NEW SCHEDULE.