SPRINGFIELD, Ill. (AP) - Illinois lawmakers have advanced a plan to expand tax credits to small businesses with the idea that it’ll create jobs in areas of high unemployment and poverty.
The House voted 107-4 Friday to approve House Speaker Michael Madigan’s plan to change the state’s EDGE tax credit program.
The proposal removes a $1 million new capital investment requirement for businesses with 100 or fewer employees that create five jobs in poorer areas. It would also require new applicants to reveal tax information.
Supporters say it’ll stop businesses from asking lawmakers for special deals. Recently, companies have told lawmaker they’ll leave the state unless they get a tax break. But opponents say Illinois should instead reduce the corporate income tax rate.
The measure goes to the Senate.
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The bill is SB346.
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