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Economic Development

  • Castro champions proven economic program for local businesses

    castro 050417ELGIN- The 22nd Senate District may be one step closer to reinstating a bipartisan economic development program, thanks to a measure championed by Democratic Senator Cristina Castro of Elgin.

    House Bill 162 reinstates the Economic Development for a Growing Economy (EDGE) program, allowing the Department of Commerce and Economic Opportunity to offer tax credits to businesses that invest in Illinois.

    “This bipartisan legislation will help energize our economy and create good-paying jobs for local residents,” Castro said.

    EDGE tax credits are an economic development program that helps Illinois attract and retain jobs.

    House Bill 162 will require the Department of Commerce and Economic Opportunity to repossess economic development funds if a business granted the tax credit does not fulfill their part of the contract.

    That money would then be distributed to the local workforce investment area.

    EDGE credit recipients will also be required to submit an annual report to DCEO containing supplier diversity information to help promote diversity in state economic incentives and programs.  

    The Illinois Manufacturer Association supported passage of this economic incentive.

    “The IMA is pleased that legislators passed a short-term extension of the EDGE tax credit,” Mark Denzler, Vice President & COO of IMA said. “It's an important tool to help attract and retain jobs.”

    House Bill 162 passed the Senate and House with bipartisan support.

  • Bertino-Tarrant’s small business legislation signed into law

    jbt commutertaxSPRINGFIELD— Small businesses often face too much red tape when dealing with the state.

    With HB 3887, which was signed into law today, State Senator Jennifer Bertino-Tarrant (D-Shorewood) hopes to make that process as efficient as possible and help improve the state’s business climate.

    “Small businesses are the backbone of our communities,” Bertino-Tarrant said. “This law is an important step in helping our business owners cut through the unnecessary red tape.”

    HB 3887, which Bertino-Tarrant sponsored in the Senate, is designed to identify and eliminate state regulations that are unreasonable or overly burdensome to small businesses.

    State agencies will now be required to complete an initial review of rules, regulations and processes related to small businesses within one year of the legislation becoming law. Subsequent reviews would take place every five years thereafter.

    According to the Small Business Administration, small businesses employ 48 percent of the private-sector labor force in Illinois.

    HB 3887 goes into effect on January 1 of next year.