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.
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.
Both chambers of Kentucky’s legislature have passed, and Gov. Matt Bevin has promised to sign, legislation bringing worker freedom to Kentucky – and further weakening Illinois’ regional economic competitiveness.
Illinois’ $1.3 billion in EDGE tax credits has brought in only 34,000 jobs since 2001, and has enabled politicians to hand out tax relief to select companies rather than lowering anti-growth taxes for all businesses.
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.