State tax credits are available for hiring certain employees, including individuals formerly imprisoned or “ex-offenders.” These tax credits are meant to encourage certain employers to hire individuals that might not otherwise be given a chance.
But in Illinois, at least, there appear to be few takers.
To remedy this situation, Illinois recently expanded its tax credit, in hopes that more businesses will take advantage of it, reports a Chicago Tribunearticle. “For the most recent tax year available, fewer than 20 businesses claimed the credit, for a total of about $30,000, according to the Illinois Department of Revenue,” states the article.
Illinois increased its income tax credit for businesses hiring ex-offenders, reports a Bloomberg BNA Weekly State Tax Reportarticle. The credit cap was raised from $600 to $1,500 per ex-offender. In addition, the credit is expanded to allow individuals hired within three years, as opposed to one year, of being released from a correctional facility to qualify for the credit.
Other states offering tax credits for hiring ex-offenders include California, Louisiana, and Maryland.
For more information about this type of tax credit, check out Bloomberg BNA’s Credits and Incentives Portfolios.
In other developments . . .
Rhode Island will hold a drawing to allocate its historic preservation tax credit on August 27, according to a Bloomberg BNA Weekly State Tax Reportarticle.
By: Kathleen Caggiano
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