* Greg Hinz has some details of a new proposal to help spur hiring…
The proposed Illinois State Employment and Training Program, or I-Step, would give a credit worth as much as $5,000 per job for training net new hires for Illinois operations, after factoring in any job cuts.The credit would apply not only against a company’s state income tax liability but against individual income taxes it withholds from employee paychecks — a much more lucrative deal for many companies. […]
(T)he tax credit would cover training costs in the first year of employment and amount to 75 to 100 percent of costs, the larger figure in the case of jobs that will be particularly long-lived.
The jobs must pay at least 175 percent of the federal minimum wage and be posted for at least two weeks on a state job board… The key change was an agreement that would allow a company to still reduce employment in one location, so long as it was adding jobs in another location at least 60 miles away from the first. […]
By itself, the program probably won’t be enough to lure a company to Illinois, [the IMA’s Mark Denzler] said. But it will be “beneficial” for existing employers considering expanding, particularly since the program will be “automatic” and not require special approval by state bureaucrats in each instance.