Written by Noland Staff Thursday, 04 March 2010 12:31
"We have double-digit unemployment in much of Illinois Senate Bill 3662 doubles the Jobs Tax Credit for businesses that higher new employees in River Edge Development Zones, in Enterprise Zones, and at High Impact Businesses. Under current law, these businesses receive a $500 tax break for each new job they create. Noland would like to expand this credit to $1,000. This tax credit could specifically help communities such as Elgin, East Dundee, and Carpentersville. "This tax incentive is good for businesses, good for workers, and good for the state of Illinois," Noland said. "Businesses get tax breaks; unemployed workers get jobs; and the state makes its money back in taxes paid by new workers." The law also includes carefully crafted safeguards to ensure that companies cannot abuse the system by claiming a tax credit for replacing an existing employee. In order to qualify for the credit, companies must have a higher employee headcount than they did the previous tax year. "We’ve made every effort to ensure that this credit only goes to companies are really creating jobs," Noland said. "Although this bill benefits everyone, its primary goal is to lower Illinois’ unemployment rate, especially in the hardest-hit parts of the state." Both Senate Bill 3662 has passed the Senate Commerce Committee and now awaits a vote in the full Senate.
SPRINGFIELD, IL— State Sen. Michael Noland (D-Elgin) has introduced a measure that should help improve Illinois’ business climate and put people back to work by doubling the Jobs Tax Credit for companies that higher new employees in certain economic development zones.
Senator Noland Menu
22nd District
Years served: 2007 - Present
Committee assignments: Judiciary; Public Health; Criminal Law (Chairperson); Energy; Committee of the Whole; Licensed Activities; Subcommittee on Special Issues; Subcommittee on Transparency (Sub-Chairperson).
Biography: Bachelor's degree and MBA from the University of Illinois at Chicago; Law degree from John Marshall Law School. Served as a Corpsman in the United States Navy at the Great Lakes Naval Hospital. Community volunteer with local organizations protecting the environment and assisting homeless persons. Resides in Elgin with his wife, Veronica, and their two children.