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SMALL BUSINESS NEWS

Mar 2019

 

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IL Minimum Wage Hike In 2019

 

The state of Illinois have enacted a new law which raises the minimum wage.

 

The new law increases the minimum wage to $9.25 per hour beginning January 1, 2020.  On July 1, 2020 the minimum wage will increase to $10.00 per hour.  Beginning January 1, 2021 and each year after until January 1, 2025 the minimum wage will increase by $1.00 until it reaches $15.00 per hour on January 1, 2025.

 

The minimum wage in Illinois is currently $8.25. 

 

Additionally, the new law authorizes the Department of Labor to perform random audits of employer to ascertain compliance with the Minimum Wage

 

Employers must maintain payroll records.  A penalty of $100 per employee for failure to maintain required records. Effective immediately.

 

The law also provides to employers with 50 or fewer full-time equivalent employees a credit against tax withheld beginning January 1, 2020. Reduces the credit beginning January 1, 2021. Provides employers may claim the credit amount in effect on January 1, 2025 until December 31, 2026 and that employers with no more than 5 employees may claim that credit until December 31, 2027.

Sources:
IL Minimum Wage/Income Tax Credit

By Wendy Stewart

 

 

 

 

 

 

 

 

 

 
 

 

  
 

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