ILLINOIS SENATE DEMS MOVE TO ENCOURAGE BUSINESS GROWTH
Springfield, IL – Everywhere people are struggling to keep afloat. While the Federal Stimulus Package, passed in 2009, has managed to halt the economic downturn and put it on the path of growth, unemployment still remains high. Much of the rise in unemployment is due to jobseekers returning back to the market in search of jobs.
Unemployment is determined by the number of jobless people who are both actively seeking and are available for work. Those currently on unemployment must log their efforts in searching for work in order to continue receiving benefits and to be classified as unemployed. This system is designed to insure that unemployment insurance benefits are going to those who are legitimately trying to pull themselves up by their bootstraps.
There are no easy answers to solving the crisis that plagues Illinois. As unemployment looms nation wide, 41 states have entered into budget deficits as governments lose tax revenue. However, Illinois’ budgetary problems are exacerbated by inside tricks implemented over ten years ago when Republicans controlled Illinois Government.
Now the Democratic General Assembly is fighting hard to provide real answers to real problems.
Senate Bill 1578, sponsored by Elgin Democratic Senator Michael Noland and Representative Keith Farnham, was signed into law by Governor Quinn on 4/13/2010. The bill provides a tax credit, up to $2,500, for small businesses who hire new employees. The bill will help companies with 50 or less employees increase capital to put towards employment. However, there are certain criteria that must be met in order to be eligible:
- The company cannot hire family members or relatives,
- They cannot rehire previous employees, and
- The company cannot hire those with more than 5% ownership in the company. Regardless of whether that ownership is direct or indirect.
This bill, in conjunction with the first Capital Plan passed in over a decade, is part of the Illinois Democrats to put people back to work. Over the past year Democratic Senator Michael Noland and Democratic State Representative Keith Farnham have fought, in their respective chambers, to bring back over $30 million for social service agencies and job creation and retention.
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