A bipartisan measure that extends tax credits for companies and brings jobs to Illinois is now headed to the Governor after it passed the Senate this week. House Bill 162 extends the program known as EDGE, short for Economic Development for a Growing Economy, which serves as a vital economic tool to ensure businesses stay in Illinois.
The EDGE program was created in 1999 and serves as the state’s main jobs incentive program, creating nearly 34,000 jobs in Illinois and retaining another 46,000 since its creation.
HB 162 makes several reforms to the program including changes concerning capital investment and employment requirements, distinguishing between larger employers (+100 employees) and smaller employers (100 or less employees), as well as new provisions regarding supplier diversity, claw-back, and how the credit is calculated. Ultimately, HB 162 was the result of negotiations between several Senate and House legislators and business groups.