Two revived state tax initiatives expected to help create jobs
The Governor’s Office said late last week that it will revive two tax initiatives that will help create jobs in the state, thanks to recent bipartisan compromises between Gov. Bruce Rauner and state legislators.
The EDGE Tax Credit and Film Tax Credit programs had been suspended indefinitely due to the state’s budget stalemate, but they now will be reinstated.
The Illinois Department of Commerce and Economic Opportunity now can resume offering EDGE tax breaks to companies.
Likewise, the state’s Film Tax Credit can now be used again to get movie projects off the ground. Offers for new film projects cannot be certified, however, until a fiscal year 2016 budget is officially enacted.