The Elgin Area Chamber of Commerce said that Illinois Gov. Bruce Rauner's administration recently announced measures would be taken to put in place EDGE tax credits as well as to reactivate film tax credit approvals.
The Economic Development For a Growing Economy Tax Credit Program (EDGE) and film tax credit were stopped temporarily at the start of fiscal year 2015.
Among the changes will be that tax credits will no longer be offered for job retention. They will be offered only for capital investments and the creation of new jobs.
Additionally, the credits will be given only in instances where any created jobs are above a baseline of employees in the state.
The changes will also mean no more than one tax credit will be allowed per facility.
The changes are aimed at getting new investment opportunities into Illinois without negative effects on the state's budget. Reporting guidelines to receive credits will remain largely unchanged.
The Department of Revenue is also continuing to work toward certifying 49 Enterprise Zones within the state. The zoning is set to go into effect on Jan. 1.
31 S Grove Ave
Elgin, IL - 60120-6403