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Illinois House Speaker Madigan Directs Revenue Committee to Prioritize Reinstatement of Economic Development Tax Credit

SPRINGFIELD, Ill. – (ENEWSPF)–January 31, 2017.  Speaker Michael J. Madigan, D-Chicago, is directing the House Revenue committee to take up a Democratic Caucus proposal to reinstate a key tax credit for employers who create jobs in Illinois.

In a letter to state Rep. Michael Zalewski, chairman of the House Revenue and Finance Committee, Madigan requested the panel begin work to reinstate the Economic Development for a Growing Economy (EDGE) Tax Credit, a key component of the Democratic Caucus’ economic growth agenda.

“House Democrats know that Illinois must take serious steps to improve the business climate and create job opportunities, and we continue working on a reform agenda that promotes job growth without disadvantaging the people who work in those jobs every day,” Madigan said. “Businesses deserve the certainty of knowing that the state will stand with them as they work to create new jobs here in Illinois. By investing in businesses that invest in Illinois, the EDGE Tax Credit is essential to improving our business climate.”

The EDGE Tax Credit provides an incentive for employers who create a significant number of jobs in Illinois. The renewal of the tax credit was recently cited by the Illinois Chamber of Commerce as a key reform Illinois could undertake to help revitalize the economy.

“The House Democratic Caucus believes that it is possible to provide good jobs for working families while also passing policies that help businesses grow,” Madigan said. “These ideas are not mutually exclusive; in fact they’re both critical to the future of our state.”

Speaker Madigan’s letter to Rep. Zalewski, chairman of the House Revenue and Finance Committee follows.

Representative Michael J. Zalewski

243-E Stratton Office Building

Springfield, IL 62706

Dear Representative Zalewski:

As you are aware, the House Democratic Caucus is proposing an agenda of aggressive economic reforms intended to improve Illinois’ business climate while also strengthening the middle class. We believe that it is possible to provide good jobs for working families while also passing policies that help businesses grow – two ideas we believe are not mutually exclusive to one another. A key component of this agenda is investing in employers who invest in Illinois by restoring the Economic Development for a Growing Economy (EDGE) Tax Credit.

Businesses deserve the certainty of knowing that the state will stand with them as they work to create new jobs. For this reason, I would ask that the Revenue Committee prioritize the reinstatement of the EDGE Tax Credit along with undertaking further study on a broader economic agenda that will help businesses create jobs while lifting up our middle class and struggling families.

I look forward to working with you on this and other measures that will grow our economy and strengthen the middle class.

With kindest personal regards, I remain

Sincerely yours,

Source: Illinois Speaker Madigan’s Office

 

 

 

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