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June, 2009

Tax Credits and Planning for Tomorrow's Needs: What Businesses Should Know

In this Issue:

    Tax Credits: Good For Your Business And Good For Your Community
    Planning for Tomorrow’s Needs: What Businesses Should Know

Tax Credits: Good For Your Business And Good For Your Community


Businesses are in the business of staying in business. Sometimes it is challenging to do great things for the community and still maintain a healthy bottom line. However, there are some tax credits and grants which can help your business do both.

One positive outcome of current economic events is a visible shift away from self-absorption. The mindset of “what is in it for me” seems to be melding into “what is in it for the community.” It is heartening to see increased dialogue and legislation which encourages and enables contributions to the greater good.

Most businesses are approached for contributions to worthy causes on a regular basis. Yet financial constraints may not allow businesses to contribute as they would wish. Fortunately, some tax credits help businesses fulfill their desire to be great citizens while remaining solvent.

The following information identifies a variety of tax credits, breaks, and grants which are aimed at helping businesses, individuals, municipalities, and not-for-profits make positive and lasting contributions to their communities.

TAX BREAKS FOR LAND CONSERVATION

The Conservation Tax Center explains the provisions of conservation tax credits for landowners.

Pertinent provisions in the 2008 Farm Bill are explained by the Blue Mountain Land Trust.

The Daily Chronicle provides an example of a Conservation Easement Project in action in DeKalb County.

The Private Landowner Network discusses the Conservation Innovation Grant Program.

Conservation Innovation Grant (CIG) information is provided by USDA. CIG aims to assist agricultural interests while using innovative conservation practices.

The Napa Valley Register discusses benefits of the “open spaces” bill.

TAX CREDITS FOR HISTORICAL PRESERVATION

Landmark Illinois provides information and contacts concerning tax credits and grants available for historic preservation in Illinois.

The Illinois General Assembly website provides status updates for HB 469 on Historical Preservation and Rehabilitation Tax Credits.

The Illinois General Assembly website provides status updates for HB 586 Historical Rehabilitation Tax Act.

This City of Peoria website provides an example of Peoria’s use of the Historical Preservation Tax Credit.

ENERGY TAX CREDITS

The U.S. Department of Energy explains Energy Tax Credits and Breaks.

The U.S. Department of Energy describes Tax Credits and Breaks specifically for businesses, municipalities and utilities.

The Bottom Line lists some tax breaks for going green.

TAX BREAKS FOR HIRING DISADVANTAGED PERSONS

Gaebler.com for Entrepreneurs discusses the W.I.N. Program

The State of Illinois Business Portal explains Employer Assistance Programs offering tax credits for hiring and retraining disadvantaged workers.

Illinois workNet provides links to information on Work Opportunity Tax Credits and tax credits for hiring ex-felons and veterans.

Planning for Tomorrow’s Needs: What Businesses Should Know


In addition to enabling contributions to the greater good, the current economic times have shown businesses the importance of investing in their workforce. The following highlights the current shifts in the search for talent, the value of others believing in your vision, and the opportunity to train our future.

Hiring Older Workers:
In light of the declining proportion of younger workers and projected shortages, many employers will need to turn to mature, experienced workers in order to gain and maintain a competitive advantage. Click here to read more. 

The Value of Volunteer Time:
Volunteers represent the equivalent of 3-5% of the economically active population in many countries. Volunteers make a $400 billion contribution to the global economy, and, if volunteers were a nation, they would be the 9th most populous country in the world. Click here to read more.

Employing Minors:
There are many opportunities for businesses to employ and help prepare young workers to be competitive in the 21st-century workplace. Every year, millions of teens work in part-time or summer jobs that provide great opportunities for learning important life skills and acquiring hands-on experience. Click here to read more.




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  • Local Interest
    Attention: Developers, Contractors, and Sub-Contracting Firms: Neighborhood Stabilization Program RFP
    In August, 2008 the United States Congress authorized the Neighborhood Stabilization Program (NSP) as a federal grant under the Housing and Economic Recovery Act of 2008 (HERA).  The purpose of this program is to provide emergency assistance for the acquisition and redevelopment of foreclosed and abandoned properties that might otherwise become sources of abandonment and blight within their communities.  The Illinois Department of Human Services (DHS), as the NSP administrator for the State, is currently seeking housing redevelopment proposals that will help revitalize and stabilize communities that have been the most negatively impacted by foreclosures, high-risk mortgages, and high rates of abandoned or vacant properties.

    HACIA has been hired as a sub-contractor to provide assistance with:
    -Outreach of potential and interested developers, general contractors and sub-contracting firms
    -Technical assistance in the preparation of responses to the NSP RFP
    -Technical assistance and consultation to sub-recipients throughout the duration of the program
    -Assistance with referrals of qualified contractors to interested applicants to meet diversity goals
    -Minority Certification assistance to qualified contractors

    The program requires the utilization of firms with the state's BEP (Business Enterprise Program).  The State recognizes the following agencie's certifications:

    -Illinois Department of Transportation
    -Chicago Minority Business Development Council
    -Women's Business Development Center
    -City of Chicago
    -Chicago Transportation Authority (CTA)
    -METRA
    -PACE
    -Cook County

    For more information or a copy of the Neighborhood Stabilization Program RFP please log on to www.haciaworks.org External link opens in a new window.

    For technical assistance and consultation related to NSP, please contact Juan Calahorrano or Gilbert Villegas at (312) 666-5910.

  • Innovate Now! Transforming the Chicagoland Region into a Globally Recognized Center for Innovation
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    Innovate Now! is a partnership of the Chicagoland Chamber of Commerce Foundation, the Council on Competitiveness, the Department of Commerce and Economic Opportunity and World Business Chicago.

    Innovate Now! will transform Chicagoland into a globally recognized center for innovation. The initiative encourages widespread adoption of innovative practices and strategies within the Chicagoland region, improving our capacity for growth and our ability to compete in the global economy.

    For more information on this initiative, visit the Innovate Now! External link opens in a new windowwebsite. 


  • Power your business with sustainability
    CSBA Image The Chicago Sustainable Business Alliance (part of Foresight Design Initiative) has effectively established itself as a hub and catalyst for the sustainable business community in Chicago, fostering the exchange of best practices and fueling business growth. We provide our members with opportunities for connection, education, knowledge sharing and promotion through our referral network, online Green Business Directory, and more.
    Visit the Chicago Sustainable Business Alliance External link opens in a new windowtoday!

  • Statewide Interest
    Economic Recovery Resources
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    To learn about the American Recovery and Reinvestment Act (ARRA), and identify projects being funded with taxpayer money, look for this emblem throughout Illinois workNet and on the internet.

    Learn more about the ARRA External link opens in a new window

  • WIA Works for You
    WIA Works in Illinois WIA Works is an initiative to inform our communities of the important and successful work that takes place every day across Illinois to help career dreams become a reality.

    Take action, and contact your Representative. Let them know how and why Workforce Investment Act (WIA) matters to you and tell your WIA employment and training success story.

    Follow WIA Works on Twitter External link opens in a new window and Facebook External link opens in a new window

  • Is Your Business Positioned to Grow?
    IEN Banner Is your business positioned to grow with just a little help from people with know-how and the right connections? If so, the Illinois Entrepreneurship Network (IEN), the umbrella for all Illinois' small business services, can give you that help.  IEN helps you cut through the tangle of resources and find the ones you need to achieve your goals. This one seamless system makes it easy for you to to accelerate your company's growth.

    Visit the IEN website External link opens in a new window today.

  • Looking for the Official Business Link to the U.S. Government?
    Business.gov logo Business.gov provides quick and easy access to business laws, government regulations, forms and agency contacts.

    Visit the Business.gov External link opens in a new windowwebsite today.

  • Low Income Energy Efficient Residential Retrofit Program

    More than $213,000 in grants will help existing low-income homeowners replace items such as refrigerators, furnaces, lighting, dishwashers and air conditioners with energy-efficient models.

    Legislation approved last year created funding for programs and incentives through money from ComEd and Ameren to reduce electrical energy usage and demand by company customers.

    Click here External link opens in a new window to learn who is eligible and  how the process works.


  • Mentoring and Volunteerism as a Dropout Prevention Strategy
    Tutor/Mentor Connection In many of our schools, half or more of high school students do not graduate, let alone leave high school prepared to fully participate in civic life. 

    Businesses have an opportunity to get more personally involved in the lives of students in high poverty neighborhoods with failing schools to help end this crisis. 

    Learn more at the Tutor/Mentor Connection External link opens in a new window.

  • Register Your Company with Buy Illinois.Net
    Buy Illinois Logo The "Buy Illinois" initiative is a statewide series of regional trade fairs, procurement workshops and training programs designed to stimulate more in-state, business-to-business commerce and increase the self-sufficiency of the Illinois economy.

    Register your company at the Buy Illinois External link opens in a new windowwebsite.

  • The U.S. Economic Census
    U.S. Economic Census Logo The Economic Census profiles American business every 5 years, from the national to the local level. Detailed information provided by geographic area, zip code, and industry.

    Visit the U.S. Economic Census External link opens in a new windowto increase your knowledge of the business climate.

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