* More hopeful news via press release…

After reaching economically-responsible compromises on Unemployment Insurance Reform, the Child Care Assistance Program and DON Score legislation, the Rauner Administration announced today that it is taking some steps forward on EDGE Tax Credits as well as re-instituting the Film Tax Credit approvals. Both credits were suspended for new projects at the beginning of the fiscal year.

Since taking office, the Administration has been implementing policies to ensure a more fiscally-responsible approach to EDGE agreements in order to balance investment in Illinois with taxpayer benefits. Policy changes include:

1. No longer supporting “Special EDGE” agreements (see below for more information) that only benefit certain companies that can afford lobbyists;

2. No longer providing tax credits for job retention, only for capital investment and net new job creation;

3. Requiring that tax credits can only be obtained for jobs created above a baseline of all existing employees located within the state, rather than just the baseline of employees located at the specific project location;

a. In the past, a company that signed an EDGE agreement for an expansion project in a certain location only needed to maintain a requisite number of employees at that specific facility in order to meet its requirements. Laying off employees at a different facility in the state, or even closing it, would not have impacted its ability to continue receiving taxpayer funded benefits for the facility for which it was receiving the EDGE agreement;

4. Prohibiting more than one tax credit on the same facility. Previous administrations would allow multiple EDGE deals on jobs created at the same facility;

5. Focusing on marketing the assets of the State, rather than leading with our incentives.

With these policy changes now firmly established at Department of Commerce, signs of progress with the legislature and a number of job-creating projects in the pipeline, the Administration will now allow Department of Commerce to make an EDGE offer to companies, confirm eligibility and enable companies to demonstrate that they’ve met all the requirements necessary to receive credits. Actual EDGE and film tax credits for new projects will still not be certified or able to be claimed until an FY16 budget is enacted. These changes will allow the Administration to better recruit new investment to Illinois without impacting the budget.

…Adding… From comments…

Film tax credits. Dunkin’s pet project. Figures.

You gotta do what you gotta do.