Due to its poor financial health and lagging economy, Illinois carries unique economic and fiscal risks from a prolonged market downturn or recession. The state must act now to mitigate harm from COVID-19.View Report
Illinois’ EDGE tax credit program expired April 30; however, proponents of EDGE have passed a one-month extension in the Illinois House of Representatives.
In exchange for more than $112 million in tax breaks, Amazon promised to expand its Illinois operations and hire 7,200 new employees in Aurora, Monee and Joliet.
Under a 2015 agreement between the Department of Commerce and Economic Opportunity and The Advisory Board Co., the state gave a tax credit worth millions of dollars in exchange for 55 jobs.
Illinois House Bill 3868 would give Gov. Bruce Rauner the authority to trim costs and reorder the state’s spending priorities to balance the budget.
As state debts mount and budget plans remain in limbo, Illinois lawmakers move to expand EDGE tax credits.
The car manufacturer is promising to bring more than 1,000 jobs to Normal, Ill., after being offered $49.5 million in state tax credits and more in local tax credits and abatements.
Gov. Bruce Rauner signed an extension of the EDGE tax credit program, though the program has an unsuccessful record of using taxpayer money.
The expiration of the state’s EDGE program – which has given large companies more than $1 billion in tax credits the last 15 years – is good news for taxpayers and should encourage lawmakers to pass real reforms.
Downtown appeal and state-issued tax credits mask a discouraging jobs climate statewide.
With special tax breaks for Amazon, Illinois resorts to sweetheart deals to overcome the effects of the state’s anti-growth policies, leaving smaller businesses to shoulder the full tax and regulatory burden.