Thinking about expanding your work force? Recently signed Illinois legislation creates an additional corporate tax credit for hiring veterans.
The income tax credit will be available for tax years ending on or after December 31, 2012, and on or before December 31, 2016. It is equal to 20% of the gross wages paid to the qualified veteran, but may not exceed $5,000.
A “qualified veteran” was:
+ a member of the Armed Forces of the United States, a member of the Illinois National Guard, or a member of any reserve component of the Armed Forces of the United States
+ served on active duty on or after September 11, 2001
+ has provided, to the taxpayer, documentation showing that he or she was honorably discharged
+ and was initially hired by the taxpayer on or after June 1, 2012
Additionally, the veteran must have been unemployed for an aggregate period of four weeks or more during the six-week period ending on the Saturday immediately preceding the date he or she was hired by the taxpayer. The credit may be carried forward for five years, and taxpayers claiming this credit may not claim a different credit for the same veteran for that taxable year.