Quinn signs tax credits bill at Abbott ceremony

Representatives from several pharmaceutical and health care companies looked on Wednesday as Gov. Pat Quinn signed a bill designed to promote innovation and create jobs in Illinois.

The meeting with government and business officials took place at Abbott Laboratories in North Chicago. Quinn signed Senate Bill 3655, which extends the Research and Development Tax Credit that will help foster economic growth and innovation by providing Illinois companies with an incentive to increase their research activities in the state.

"Illinois' continued economic recovery will depend largely on our ability to help businesses grow and create more jobs," Quinn said. "With this new law, we are encouraging more companies to invest in Illinois - and the Illinois worker - by creating an environment where innovation can grow and thrive," he said.

Thirty-eight states, including Illinois, currently provide some type of state research and development tax credit. The U.S. Bureau of Labor Statistics estimates that every dollar of tax benefit has spurred an additional dollar in private research and development.

The bill, sponsored by Sen. Dan Kotowski, a Park Ridge Democrat, and Rep Barbara Flynn Currie, a Chicago Democrat, extends the tax credit from Dec. 31, 2009, to Dec. 31, 2010.

Several people at the Wednesday afternoon meeting said they hope that the legislation will soon be more than temporary.

"We want to work to make this permanent like it is in 35 other states," said Tom Johnson, president of the Illinois Taxpayer Federation.

Quinn said with life expectancy continuing to expand, it's important to honor the work of the employees at Abbott and at other local companies devoted to health issues, including Motorola, Hospira, Astellas, TechAmerica and Vasco, all of which were represented at the bill signing.

"This is a law that is going to create jobs. But most importantly it will save lives," Kotowski said.