Illinois’ debt per student is the 11th highest of any state in the nation. It is almost 15 percent higher than the national average of $8,764.View Report
A controversial but politically popular tax credit program will be extended until June 2022 under a bill signed by Gov. Bruce Rauner.
Chicago Mayor Rahm Emanuel reportedly spoke with Amazon CEO Jeff Bezos to lure Amazon’s second headquarters to Chicago.
House Bill 162 would bring back Illinois’ Economic Development for a Growing Economy tax credit program.
Amazon announced plans to open another Illinois shipping facility in Crest Hill, Ill., which is expected to create up to 800 jobs.
In 2015, Chicago-headquartered Akuna Capital LLC signed a deal with the state of Illinois that state officials estimated to be worth $4.5 million. As part of the agreement, Akuna agreed to hire 10 new employees. The agreement states the new hires specialized in trading and software.
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.
For more than a decade, Illinois has been giving select businesses many millions of dollars more in tax credits than the law allows.
The DCEO’s decision to play by its own rules deserves scrutiny not only because of its monetary cost, but because it involves a fiduciary failure symptomatic of governmental disregard for the rule of law. It exemplifies a political culture that must change if Illinois government is to turn the corner and move toward restoration and renewal.