State Program Updates
Please take a moment to review the new reporting requirements in Illinois and new programs in New York and Colorado.
Illinois: New Reporting Requirement (Public Act 97-905)
Illinois now requires annual business reports for any business who received incentives for enterprise zones, river edge redevelopment zones and high impact businesses from January 1, 2012 through December 31, 2012. Each business who utilized an incentive, including, but not limited to sales tax exemption and property tax abatement during 2012, is required to file a business report with the Illinois Department of Revenue (IDOR). All reports must be completed and filed with the IDOR by May 29, 2013.
Equifax Workforce Solutions (EWS) will complete and submit the business reports for any business that currently has a program authorization with EWS.
New York Veteran Program
New York enacted a credit for hiring and employing qualified veterans. The credit is equal to 10% of wages, up to $5,000 per employee and the percentage will increase to 15% for disabled veterans (maximum $15,000). Eligible employees must be hired between January 1, 2014 and December 31, 2015 and work a minimum of 35 hours per week for at least one year from the date of hire. In addition, the eligible employee must have received a general or honorable discharge after September 11, 2001 and must have signed an affidavit stating they were not employed in a full-time position for six months prior to hire. The program is available beginning January 1, 2015, and continuing through January 1, 2017.
Denver Business Investment Program (BIP)
The City and County of Denver have recently enacted a Business Personal Property Tax Credit. An application must submitted before July 1, 2013 for large personal property expansions in 2012. The estimated benefit equals approximately 1.2% of the investment taken over a four year period. The program is available to all industries. The tax credit is awarded annually through 2017 to local businesses making qualified investments in business personal property; including machinery, equipment, furniture and other items related to commercial or industrial operations.
If your business is interested in more information on the programs listed, please contact your Credit Relationship Manger (CRM) or Pete Krieshok at 314-214-7325 or by email at Pete.Krieshok@equifax.com.