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* Press release…
Gov. Bruce Rauner today signed legislation (HB162) that overhauls the EDGE Tax Credit Program and provides much-needed transparency and taxpayer protections.
“The EDGE Tax Credit Program overhaul is a bipartisan job creation program that is innovative and competitive for businesses,” Gov. Rauner said. “This legislation is another tool to use in our quest to bring high-quality and good-paying jobs to Illinois. It is crucial for the future success of our state that we make Illinois a more business friendly environment through pro-growth measures.”
The EDGE tax credit program is a critical local economic development tool that incentivizes job creation, growth and competitiveness in the state. The new law extends the program until June 30, 2022.
Among the key components in the EDGE tax credit overhaul is that incentives will encourage companies to expand or move to underserved areas in the state, and eligibility thresholds will be lowered to allow more small businesses to grow in Illinois. The overhaul also implements a Gov. Rauner transparency measure, requiring all EDGE agreements be posted within 10 days of the project being secured in Illinois.
“Thank you to Governor Rauner for signing HB 162 and renewing the EDGE Tax Credit Program,” said Illinois Department of Commerce and Economic Opportunity Director Sean McCarthy. “This is a critical local economic development tool that incentivizes job creation, growth and competitiveness in the state. We look forward to working together with companies – large and small—to move, expand and invest here in Illinois.”
“It’s important for us to have every tool available to attract and retain businesses in Illinois and ensure we can offer incentives that allow us to compete with neighboring states,” State Sen. Melinda Bush (D-Grayslake) said. “I represent an area that borders Wisconsin. The EDGE program is essential in helping border communities like mine stay competitive.”
“Businesses in Illinois have been able to take advantage of the EDGE program for years,” said State Sen. Pam Althoff (R-McHenry). “Wisconsin, which is just a stone’s throw away, frequently solicits employers in this region to move across the border. But because of the EDGE program, our businesses are staying, providing jobs for thousands of our residents. Extending the EDGE program is especially important in today’s Illinois economy as jobs are already leaving in record numbers.”
“Representing a district on the Illinois-Iowa border, I know how important it is to support policies that make Illinois competitive in attracting new job-creators, and keeping established businesses within our borders. By extending the EDGE program, we’re keeping a pipeline for Illinois jobs open,” said State Sen. Neil Anderson (R-Andalusia).
“Reforming and extending the EDGE tax credit is an important step toward growing new jobs in Illinois and I’m grateful Governor Rauner is signing HB162 today. I look forward to working with the Governor’s office and my colleagues on future efforts to stimulate economic growth for our citizens.” State Rep. Mike Zalewski (D-Riverside), primary sponsor.
“This is about bringing good jobs to our communities. To compete with our neighboring states we absolutely must make Illinois a more attractive place to do business and renewing EDGE will help us do that,” said State Representative Grant Wehrli (R-Naperville).
“Enacting these incentives makes Illinois significantly more competitive with neighboring states in attracting and retaining good-paying jobs for Illinois families,” said Rep. Keith Wheeler (R-Oswego). “This is the type of bipartisan achievement everyone can be proud of.”
“Working together on a bipartisan basis, we are now able to provide incentives that will enable job creators and entrepreneurs to flourish and expand opportunity for families all across Illinois,” said Rep. Patti Bellock (R-Hinsdale). “Growing our economy and creating jobs must continue to be among the State’s top priorities.”
* The Illinois Policy Institute has never been a fan of EDGE, so here is part of its news service’s take…
However, state Rep. Jeanne Ives, R-Wheaton, said it falls short for all businesses.
“Businesses are concerned about their workers’ comp rates,” Ives said. “They’re concerned about their tax rate, they’re concerned about their property taxes. They’re concerned about providing a really good quality of life for their employees, and when you’re taxing people out of their homes, you’re not providing quality of life.” […]
Ives said the state should instead cut taxes for every business and not require a labor-intensive application process that is still subjective and not fair across the board. She also said the state needs to invest in infrastructure to lure business.
Cut taxes and invest big bucks in infrastructure. She realizes she’s not in Congress, right?
posted by Rich Miller
Monday, Sep 18, 17 @ 2:58 pm
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All businesses. Current and future. Should be treated fairly and the SAME.
Comment by Blue dog dem Monday, Sep 18, 17 @ 3:01 pm
If only the world would just be more like Jeanne Ives wanted it. We’d all be…working for nothing, angry, and miserable.
Comment by 360 Degree TurnAround Monday, Sep 18, 17 @ 3:05 pm
Did he promise any grants while he was in Asia or he is saving it all to give to Amazon?
Comment by 47th Ward Monday, Sep 18, 17 @ 3:05 pm
More like this please
Comment by Anonymous Monday, Sep 18, 17 @ 3:21 pm
Rauner kind of steps on that tax credit attack his ILGOP flacks launched on Pritzker today.
Comment by wordslinger Monday, Sep 18, 17 @ 3:23 pm
State does a ton of infrastructure work (and should do a lot more). This is a better EDGE tax credit program than it was before, but Rep Ives isn’t wrong either. Ideally, we wouldn’t have any special deals at all for favored companies. That’s the direction we ought to try to go. But, good progress on improving the (flawed) program.
My favorite remedy: interstate compacts between border states where each state commits not to poach from each other. Moving a company a few miles across a border because of some sweet taxpayer check is really about the dumbest use of taxpayer dollars imaginable. We and Wisconsin and Indiana and Iowa should just abolish the practice altogether.
Comment by Dan Johnson Monday, Sep 18, 17 @ 3:30 pm
Ives “…she realizes…”
Her reality is vastly different from actual reality so highly doubtful.
Comment by Anon2U Monday, Sep 18, 17 @ 4:17 pm
I do wonder aloud what Kristina Rasmussen must be thinking now, with IPI as they stand and Bruce Rauner as he stands.
Normally I might not question ones beliefs, especially an equestrian and horses and the ability to ride one at a time…
… but if I were to show Radical Candor, that question I ask aloud would qualify as such.
Every day Kristina Rasmussen stays in her role that Diana Rauner signed off on, questions of the one I have above might be more of a messaging distraction instead of a messaging triumph.
Comment by Oswego Willy Monday, Sep 18, 17 @ 4:42 pm
I buy EDGE shave gel all the time, but I always have to pay tax on it…..
Comment by Ghost Monday, Sep 18, 17 @ 4:48 pm
These would be better If they were tied to production of jobs 35k and above
Comment by Ghost Monday, Sep 18, 17 @ 4:52 pm
==I buy EDGE shave gel all the time, but I always have to pay tax on it…..===
Just thank God there’s no sugar in it.
Comment by A guy Monday, Sep 18, 17 @ 5:01 pm
A better EDGE structure than before. Targeting it to benefit small and medium companies, in large numbers, will be the key to jobs. The big corps already get too much, and don’t always maintain work forces.
Comment by walker Monday, Sep 18, 17 @ 6:33 pm
–A better EDGE structure than before. Targeting it to benefit small and medium companies, in large numbers, will be the key to jobs. The big corps already get too much, and don’t always maintain work forces.–
What Walk says.
Check out the NAM website..
Small manufacturers are out bread and butter. They don’t produce press releases.
Comment by wordslinger Monday, Sep 18, 17 @ 7:30 pm
OW @ 4:42pm lost me with the mention of an equestrian and the horse that I assume he/her rode in on-in conjunction with overhaul of EDGE credits???
Comment by cc Tuesday, Sep 19, 17 @ 1:27 am