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 Lawmakers looking into the state's tax breaks and incentives are asking
why Illinois is spending almost eight times more on companies threatening to
leave than those looking to stay. Wednesday, Illinois' Department of Economic Opportunity director Adam Pollet said DCEO spent $30 million on EDGE tax credits last year for
companies that threatened to leave Illinois without some sort of
sweetener.
DCEO spent just $4 million on companies that weren't thinking about
leaving.
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THREATS PAY: Pollet says Illinois
pays $30 million to keep companies, $4 million to encourage them. |
That doesn't sit well with Democrat Jack Franks.
"What are we doing for the small business people who want to stay here
in Illinois?" Franks asked.
EDGE is a special tax break given to companies looking to move to — or
in many cases within — Illinois.
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"(The EDGE credit) is our primary tool for competing
with other states," Pollet told a legislative hearing, "if we are in
a position to attract a company to the state, if we're in a position
to keep a company here that might expand. The absence of a tool like
EDGE would be incredibly negative."
Illinois lawmakers are considering overhauling EDGE, as well as some
of the state's other tax incentives and programs.
Franks has said he wants to make sure the state has a tax system
that makes sense and works for everyone, not just few big companies.
Lawmakers are working on a budget and a May 31 deadline.
[This
article courtesy of
Illinois Watchdog.]
Contact Benjamin Yount at
Ben@IllinoisWatchdog.org and find him
on Twitter:
@BenYount.
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