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Illinois officials remind business owners of available tax credit to offset minimum wage hike

By Illinois Radio Network, January 6, 2020 SPRINGFIELD – Illinois officials are reminding small business owners about a tax credit that is available to offset some of the higher labor costs associated with the increase in the state’s minimum wage. The tax credit is available to small business owners and nonprofit organizations with 50 employees or less. Illinois Department of Revenue spokesman Sam Salustro said the credit will extend into 2026, at varying levels. “The tax credit is designed to help small businesses offset the state’s minimum wage rate,” Salustro said. “Eventually, which will reach $15 an hour.” Illinois’ ...