Illinois adopts emergency regulation for minimum wage credit
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Friday, May 8, 2020

Illinois adopts emergency regulation for minimum wage credit

By Payroll and Entitlements Editorial Staff

Illinois adopted an emergency regulation implementing a corporation and personal income tax credit for withholding tax payments for minimum wage employees.

Who qualifies for the credit? Employers with 50 or fewer Illinois full-time employees who make minimum wage can qualify for the withholding tax credit. An employer is not eligible for credits unless the average wage paid each employee for all employees making less than $55,000 during the quarterly tax reporting period exceeds the average wage paid each employee for all employees making less than $55,000 during the same reporting period in the prior calendar year.

The credit does not include employees who have worked fewer than 90 consecutive days before the reporting period. But, credits can accrue during that 90-day period for future reporting periods.

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