Businesses Qualify for $67 Million in Tax Credits in 2011 - msnbc.com

CHICAGO-- More than $67 million in income tax credits was given to Illinois businesses last year, according to a statement released Tuesday by the Illinois Department of Employment Security.

The money, made available through the federal program called the Work Opportunity Tax Credit, helps reduce an employer's cost of doing businesses while hiring those in need of a job.

IDES Director Jay Rowell says the program is a valuable way for business owners and prospective employees alike.

"This is a real progress in helping businesses compete, assisting individuals to find gainful employment, and improving the Illinois economy," said Rowell. "It also shows that employers increasingly view IDES as an employment agency."

More than 27,000 individuals were hired under the WOTC program in 2011.

The specific categories include individuals receiving Temporary Assistance for Needy Families; qualified military veterans, summer youth employees, qualified food stamp recipients, and others.

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