DALLAS, Nov. 13, 2015 /PRNewswire/ -- The Illinois Department of Commerce & Economic Opportunity ("Department") issued a press release on November 10, 2015 stating that Governor Rauner's Administration is taking steps forward with the Economic Development for a Growing Economy (EDGE) Tax Credit, as well as re-instituting Film Tax Credit approvals, both of which were suspended for new projects on June 2, 2015. Actual EDGE and Film Tax Credits for new projects will still not be certified or able to be claimed until the state's Fiscal Year 2016 budget is enacted.
Since taking office, the Administration has been implementing various policy revisions with respect to the EDGE Tax Credit, including:
- No longer supporting "Special EDGE" agreements;
- No longer providing tax credits for job retention;
- Requiring that tax credits can only be obtained for jobs created above a baseline of all existing employees located within the state, rather than just the baseline of employees located at the specific project location; and
- Prohibiting more than one tax credit on the same facility.
The Department will also commence certification of the 49 Enterprise Zones the Illinois Enterprise Zone Board approved in August 2015. Enterprise Zones will become effective January 1, 2016.
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TECHNICAL INFORMATION CONTACTS:
Christopher J. Girod
Ziya M. Hajiyev