City of Waterloo to Pursue Retail Development | Southwest Illinois News and Events

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IN THE NEWS

City of Waterloo to Pursue Retail Development
WATERLOO, IL, (SWI-News.com), January 29, 2011 - The City of Waterloo has hired The Retail Coach, from Tupelo, MS, to identify and attract new businesses that will give residents more shopping and dining choices close to home.

"While we strive to preserve our historical heritage and small town charm, we embrace new initiatives that ensure Waterloo continues to be an ideal place to live, work and raise a family," said Waterloo Mayor Tom Smith. "This includes providing excellent services and amenities, and expanding the city's retail base will help us to achieve our objective."

"We are excited to be working in Waterloo," said Aaron Farmer, vice president of The Retail Coach. "In addition to being well located, Waterloo is a family-friendly, active city with a pro-business attitude."

The Retail Coach will make multiple trips to Waterloo to conduct extensive research that includes community and area tours, competition analysis, retailer interviews, license plate studies, and stakeholder interviews. The Retail Coach will then complete a Retail Trade Area Determination, Demographics and Psychographics Analysis, Retail Gap/Opportunity Analysis and Retailer Match Analysis.

Following completion of the project, The Retail Coach team will remain in a "coaching" advisory capacity to the City of Waterloo for 12 months to ensure the successful implementation and execution of the retail recruitment strategies and recommendations.

Illinois Businesses Qualify for $67 Million in Tax Credits
SPRINGFIELD, IL, (SWI-News.com), January 20, 2011 - Illinois businesses qualified for $67 million in income tax credits after hiring individuals covered through the Work Opportunity Tax Credit (WOTC). The federal incentive reduces an employer's cost of doing business while helping those most in need gain valuable work experience. IDES administers the federal program.

"This valuable program helps a business owner improve the bottom line and offers a hand up to those who want to make a better life for themselves and their family," Illinois Department of Employment Security (IDES) Director Jay Rowell said. "This is real progress in helping businesses compete, assisting individuals to find gainful employment, and improving the Illinois economy. It also shows that employers increasingly view IDES as an employment agency."

The WOTC incentives allow business owners to keep more of their money by hiring from historically disenfranchised groups. In 2011, the majority of the tax credit involved businesses who hired an individual receiving state financial assistance. In this way, the program benefits the state as a whole, as new jobs increase the likelihood that the state support will be reduced or no longer needed.

More than 27,000 individuals were hired under the WOTC program in 2011. Tax incentives range from $2,400 in one year to $9,600 over two years, depending on the new hire. The $67 million in savings represents 2011 activity that would be entered in federal tax returns in 2012.

The specific categories include individuals receiving Temporary Assistance for Needy Families; qualified military veterans; qualified ex-felons; a designated community resident who lives in a renewal zone; vocational rehabilitation referrals with a physical or mental impairment and who have received vocational or employment training; summer youth employees; qualified food stamp recipient; and a qualified supplemental security income beneficiary.

Employers claim the federal tax credit using IRS Form 5884. Looking at 2012, businesses can apply for WOTC certification for a new hire in three steps. Pre-screen individuals using IRS Form 8850, called the "pre-Screening Notice & Certification Request for Work Opportunity Credit." Then, complete the ETA Form 9061, called the "Individual Characteristics Form." Finally, mail the original, signed forms to IDES' WOTC Unit within 28 days of the new hire's start state. It is recommended that copies of the form be kept with the business. Forms and details are available at www.ides.illinois.gov/wotc

Illinois to Boost Tax Relief for Working Families
SPRINGFIELD, IL, (SWI-News.com), January 15, 2011 - Governor Pat Quinn has signed major legislation to increase tax relief for working families across Illinois. Senate Bill 400 doubles the state's Earned Income Tax Credit (EITC) over two years, saving low-income workers an extra $105 million per year.

The new law also benefits all Illinois taxpayers by improving the value of the personal exemption and indexing it to inflation. Throughout the fall veto session, Governor Quinn insisted that tax relief for working families be part of the package.

"One of the best ways to stimulate the local economy is to put more money in the pockets of working families," Governor Pat Quinn said. "This law is a win for workers, a win for families and a win for employers that will support job growth across Illinois for years to come."

Senate Bill 400 provides the largest increase in Illinois' EITC since its inception in 2000, by phasing in a 5 percent increase over two years. The bill boosts the state's EITC from its current level at 5 percent of federal EITC, to 7.5 percent in tax year 2012 and 10 percent of federal EITC in tax year 2013. More than 2.5 million state residents benefited from the Illinois EITC in 2010.

Under the new law, a single mother with one child, earning minimum wage ($12,800 a year), will save $154 on her taxes. A married couple with three children earning $30,000 a year will save $199 on their taxes this year.

Uniquely pro-growth and pro-family, EITC is available only to those with earned income and provides incentive to work as well as much-needed tax relief to the lowest-income families. EITC also boosts local economies through increased consumer demand. A 2006 Brookings Institution study found that every dollar a family saves through this tax credit translates into $1.58 of activity in local economies.

SB 400 was sponsored by Sen. Toi Hutchinson (D-Olympia Fields) and House Majority Leader Barbara Flynn Currie (D-Chicago.)

"The tax relief contained in Senate Bill 400 will benefit every person who files a tax return in Illinois," Sen. Hutchinson said. "Working families for too long have had to deal with increasing expenses and stagnant wages. This legislation is an opportunity to provide meaningful tax relief."

"A fair tax policy should help low-income working families, and our expansion of the state's EITC will do just that," Rep. Currie said. "This credit rewards work, and will help families keep a roof over their head and food on the table."

Senate Bill 400 also improves the value of the standard personal exemption for all taxpayers in Illinois and ties its continued growth to the rate of inflation. The personal exemption will increase by $50 (to $2,050) in tax year 2012, and the value of the exemption will be indexed to the cost of living adjustment each tax year thereafter. The personal exemption change benefits all taxpayers, regardless of income.

Senate Bill 400 goes into effect June 1.

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