SPRINGFIELD — Illinois is one step closer to reinstating an incentive program for attracting and retaining businesses, thanks to a measure from state Sen. Melinda Bush, D-Grayslake.
House Bill 162 reinstates the Economic Development for a Growing Economy, the so-called EDGE program allowing the Department of Commerce and Economic Opportunity to offer tax credits to businesses that invest in Illinois.
“We need every tool possible to attract and retain businesses in Illinois and ensure we can offer incentives that allow us to compete with neighboring states,” Bush said. “I represent an area that borders Wisconsin. It’s important for us to have the EDGE program in place in order to stay competitive.”
The bill requires the Department of Commerce and Economic Opportunity to recapture the economic development funds if the recipient does not fulfill its end of the bargain. That money would then be disbursed to the local workforce investment area.
The measure extends the EDGE credit program through June 30, 2022.
Having passed both the House and Senate, House Bill 162 now goes to the governor for approval.