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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. External link opens in a new window

Pertinent provisions in the 2008 Farm Bill are explained by the Blue Mountain Land Trust. External link opens in a new window

The Daily Chronicle provides an example of a Conservation Easement Project in action in DeKalb County. External link opens in a new window

The Private Landowner Network discusses the Conservation Innovation Grant Program. External link opens in a new window

Conservation Innovation Grant (CIG) information is provided by USDA. CIG aims to assist agricultural interests while using innovative conservation practices. External link opens in a new window

The Napa Valley Register discusses benefits of the “open spaces” bill. External link opens in a new window

TAX CREDITS FOR HISTORICAL PRESERVATION

Landmark Illinois provides information and contacts concerning tax credits and grants available for historic preservation in Illinois. External link opens in a new window

The Illinois General Assembly website provides status updates for HB 469 on Historical Preservation and Rehabilitation Tax Credits. External link opens in a new window

The Illinois General Assembly website provides status updates for HB 586 Historical Rehabilitation Tax Act. External link opens in a new window

This City of Peoria website provides an example of Peoria’s use of the Historical Preservation Tax Credit. External link opens in a new window

ENERGY TAX CREDITS

The U.S. Department of Energy explains Energy Tax Credits and Breaks External link opens in a new window.

The U.S. Department of Energy describes Tax Credits and Breaks specifically for businesses, municipalities and utilities. External link opens in a new window

The Bottom Line lists some tax breaks for going green. External link opens in a new window

TAX BREAKS FOR HIRING DISADVANTAGED PERSONS

Gaebler.com for Entrepreneurs discusses the W.I.N. Program External link opens in a new window

The State of Illinois Business Portal explains Employer Assistance Programs offering tax credits for hiring and retraining disadvantaged workers. External link opens in a new window

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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  • 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

  • IL Department of Transportation - Economic Recovery Information

    The American Recovery and Reinvestment Act of 2009 (ARRA) includes $48 billion for transportation infrastructure consisting of highways and bridges, mass transit, rail and aviation.

    The transportation system in Illinois is at a crossroads, and is in need of the additional federal funds provided by the ARRA. ARRA funds will be utilized to support safer transportation systems, address environmental concerns, offset the erosion of the construction dollar, address the crippling levels of congestion/delay and meet the transportation demands of the future.

    In order to access the first half of the highway stimulus funds coming to Illinois, the Illinois Department of Transportation (IDOT) has identified projects that can be awarded quickly to put people to work in the construction industry and to utilize the upcoming construction season. While the list of projects is larger than expected in the first wave of funding, it will allow Illinois to be in a position to spend any funds redistributed from other states.

    Click here External link opens in a new window to get more information and see a list of projects.


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    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.


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    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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