The 2011 tax hikes cost the state economy $55.8 billion in real GDP from 2012-2016.View Report
A controversial but politically popular tax credit program will be extended until June 2022 under a bill signed by Gov. Bruce Rauner.
The tax credit scholarship program included in the school funding proposal passed by the General Assembly would be the first of its kind in Illinois, and one of the largest of such programs in the nation.
House Bill 162 would bring back Illinois’ Economic Development for a Growing Economy tax credit program.
The Romeoville fulfillment center is one of several Illinois facilities Amazon has opened or plans to open in the coming years. For some of those locations, Amazon has signed deals with the state of Illinois worth tens of millions in potential tax credits.
Sears Holdings has dropped below the job threshold necessary to qualify for the $15 million in annual state tax credits for which it was once eligible.
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.
Glassdoor agreed to three sets of hiring dates in 2016, 2017 and 2018 in which the job-finding website would hire 240 new employees.
The state agreed to the tax credits in exchange for Capital One hiring 210 new employees and retaining 900.
Illinois’ EDGE tax credit program expired April 30; however, proponents of EDGE have passed a one-month extension in the Illinois House of Representatives.
The corporate tax reforms under President Donald Trump’s proposed tax plan could strengthen Illinois’ position as a home for businesses, but the state’s uncompetitive income, property and death tax policies would put its residents at an even greater disadvantage with respect to other states if the president’s plan passes.