DES PLAINES, Ill. – Seeking to invigorate Illinois’s economy following the COVID-19 economic downturn, state Rep. Marty Moylan, D-Des Plaines, has recently thrown his support behind legislation that would incentivize small businesses throughout the state to hire new employees, helping curb the high unemployment rate and stimulate local economies.
“The COVID-19 pandemic has wreaked havoc on our state’s economy leading to small businesses struggling throughout Illinois and leaving tens of thousands of Illinois residents out of work,” Moylan said. “It has to be a top priority of the legislature to get our economy back on track and Illinoisans back to work. Direct assistance to businesses, like this bill will provide, will expedite our economic recovery and help Illinois bounce back.”
Small business assistance and economic recovery are top priorities on Moylan’s legislative agenda for the 102nd General Assembly. The Moylan-supported House Bill 801 would establish income tax credits for small businesses who hire new employees who have lost employment as a result of COVID-19. Businesses with 500 or fewer employees would qualify for an employment tax credit of $2,500 per employee. Businesses with 100 or fewer employees would qualify for an employment tax credit of $5,000 per employee.
The legislation also prioritizes providing assistance to the communities in Illinois hit hardest by COVID-19 by providing further incentive for development in Disproportionately Impacted Areas (DIAs). If the qualifying employee resides in a DIA or is hired to work in a DIA, the employment tax credit would be increased by $500.
“Small businesses create jobs and provide economic stimulation for communities throughout our state,” Moylan said. “They are the lifeblood of our economy, and we cannot stand by while they are struggling so badly. Comprehensive support for small businesses is needed as soon as possible. This effort will be a great step forward in rehabilitating our state’s economy from the COVID-19 economic downturn.”
For questions concerning House Bill 801, state issues, other legislation or district matters, please contact Moylan’s full-time constituent office at 847-635-6821 or email StateRepMoylan@gmail.com.
Visit Rep Moylan’s website
292-S Stratton Office Building
Springfield, IL 62706
24 S. Des Plaines River Rd.
Des Plaines, IL 60016
(847) 635-8565 FAX