State Senator Pamela Althoff (R-McHenry) applauds the General Assembly for passing a bill that would extend the EDGE tax credit program for another four months, giving legislators more time to implement a new and improved program.
“What extending the EDGE program does is it allows businesses to move forward with assurance that the State of Illinois is committed to the program,” said Sen. Althoff. “It also provides the General Assembly time to put in place a new program that gets rid of the abuses and inconsistences within the current program.”
The EDGE program was created in 1999 and serves as the state’s main job incentive program, creating nearly 34,000 jobs in Illinois and retaining another 46,000 since its creation.
Senator Althoff has introduced legislation (Senate Bill 3459) to improve upon the EDGE program. SB 3459 creates the Transforming, Helping, and Reviving Illinois’ Versatile Economy (THRIVE) Job Creation Tax Credit Act. Under the legislation, companies would receive credit for 50 percent of the Illinois withholding attributable to create jobs. The credit would offset the corporate income tax for that year.
Furthermore, companies must create 10 percent of the current global workforce or 50 new jobs, whichever is less. They must also have a capital investment of $2.5 million at the project location in the state unless the company employs less than 100 employees.
“This new proposal will address the concerns many have of the EDGE program, including the abundance of inefficiencies,” said Sen. Althoff. “I think this bipartisan legislation is something all members should be able to get behind as it will ensure jobs are staying right here in Illinois.”