06.18.15 |
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Budget Cuts Suspend Illinois EDGE Tax Credit Program

Illinois (2)Businesses operating in Illinois now have less access to certain state-level tax credits. Due to recent budget cuts implemented by Illinois Gov. Bruce Rauner, the Economic Development for a Growing Economy (EDGE) tax credit program is suspended effective immediately and new applications are no longer being accepted.

In addition, applications for grants funded through the Large Business Attraction, Employer Training Investment Program Incentive and Prime Sites programs are no longer being accepted. This new mandate only impacts new EDGE tax credit and grant program requests. Commitments already agreed to will be honored and previously filed applications will continue to be processed.

The EDGE program was initially designed to offer tax incentives to attract companies to Illinois and encourage businesses already there to remain and expand within the state. The program provided tax credits equal to the amount of state income taxes withheld from the salaries of employees in newly created jobs within Illinois.1 Since its inception in 1999, Illinois has pledged nearly $1 billion in tax incentives to more than 300 businesses through EDGE.2

For more information, read the announcement issued by Illinois Governor’s Office.

 
Learn More About ADP SmartCompliance® Tax Credits
 


 

The information provided in this blog post is for informational purposes only and not for the purpose of providing accounting, legal, or tax advice.  The information and services ADP provides should not be deemed a substitute for the advice of any such professional.  Such information is by nature subject to revision and may not be the most current information available.

 

1 https://www.illinois.gov/dceo/ExpandRelocate/Incentives/taxassistance/Pages/EDGE.aspx

2 http://www.chicagotribune.com/business/breaking/ct-edge-lawsuit-0110-biz-20150109-story.html

 

 


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