Breaking News Bar
updated: 5/30/2014 4:14 PM

House OKs small-business tax credits

Success - Article sent! close
Associated Press

SPRINGFIELD -- Illinois lawmakers have advanced a plan to expand tax credits to small businesses with the goal of creating jobs in areas of high unemployment and poverty.

The House voted 107-4 Friday to approve House Speaker Michael Madigan's plan to change the state's EDGE tax credit program.

The proposal removes a $1 million new capital investment requirement for businesses with 100 or fewer employees that create five jobs in poorer areas. It would also require new applicants to reveal tax information.

Supporters say it'll stop businesses from asking lawmakers for special deals. Recently, companies have told lawmaker they'll leave the state unless they get a tax break. But opponents say Illinois should instead reduce the corporate income tax rate.

The measure goes to the Senate.

Article Comments ()
Guidelines: Keep it civil and on topic; no profanity, vulgarity, slurs or personal attacks. People who harass others or joke about tragedies will be blocked. If a comment violates these standards or our terms of service, click the X in the upper right corner of the comment box. To find our more, read our FAQ.