Governor George H. Ryan's plan to level the economic development playing field and attract new, high-paying jobs to Illinois today unanimously passed the Illinois Senate. By unanimously supporting this legislation they are sending a clear message to the business community that economic development and job creation are top priorities in Illinois. The EDGE program is a new targeted tax incentive program that would provide tax credits for businesses that create new jobs and make capital investments in select regions of Illinois. The EDGE program is designed to help areas of Illinois that are in direct competition with other states for jobs and development. Businesses creating new jobs would be able to claim a state income tax credit equal to a portion of the incremental income tax generated from new jobs created in Illinois.
Similar programs are currently available in Indiana, Iowa, Kentucky, Michigan, Missouri and Ohio.
Senate Bill 40 also contains provisions to bolster Illinois' high-tech business community.