New law to spur economic development
On Sept. 18, the long-awaited overhaul of the Illinois Economic Development for a Growing Economy (EDGE) tax credit legislation was signed into law.
House Bill 162 is a bipartisan measure that supporters say is a critically important tool to helping boost economic development in Illinois by encouraging job creation, growth and competitiveness.
Key updates to the law encourage more transparency, requiring the EDGE agreements to be posted within 10 days of the project being secured in Illinois. Additionally, incentives will encourage Illinois employers to expand their businesses into more economically-depressed areas of the state, while eligibility thresholds will be lowered to allow more small businesses to grow in Illinois.
Proponents of the new law underscore the important role the EDGE program plays in border communities, which are frequently competing with neighboring states. The EDGE program helps these border communities remain competitive by keeping established businesses in Illinois and encouraging new job-creators to settle in-state.
More information about the EDGE tax credit program is available at https://www.illinois.gov/dceo/ExpandRelocate/Incentives/Pages/EDGE.aspx.