Workshop Promotes Job Tax Credits & Workforce Development

March 31, 2009 – Chicago, IL. Greater Southwest Development Corporation - in collaboration with the new City Colleges of Chicago Workforce Institute (CWI), the Chicago Public Schools' Department of College and Career Preparation (DCCP), the Illinois Department of Employment Security (IDES), and RetroTax - organized a workshop to highlight federal, state, and city job tax credit programs available to employers who hire residents for local jobs.

Held at the Balzekas Museum of Lithuanian Culture in West Lawn, the event drew a crowd of representatives from government agencies, non-profit organizations, and local businesses. During the meeting experts discussed several tax credit programs:

• BHIP: Administered by the City of Chicago, this program reimburses up to 50% of a qualified new hire's wages (up to $3500 per employee, max 15 employees).
• WOTC: This federal credit offers an annual maximum of $2,400 per qualified employee and provides an incentive to hire individuals from underemployed groups.
• Empowerment Zone Credit: This federal credit is up to $3,000 per qualifying employee, which can be retroactive for up to three years. The company and the employee must be located within an Empowerment Zone.
• Renewal Community Initiative Credit: This is a federal credit of up to $1,500 per qualified employee, which can also be retroactive. Both the company and the employee must be located in a Renewal Community Zone.

The workshop also provided information about job training and workforce resources available to companies interesting in hiring new and/or training current employees. These programs offer valuable savings for local companies, making the most of each dollar in today’s tough economy.

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