Tax Development Jun 04, 2015
According to a press release issued by the Office of Illinois Governor Bruce Rauner on June 2, 2015, the state of Illinois has immediately suspended all future incentive offers to companies for business attraction and retention projects. The suspended incentive programs include the Economic Development for a Growing Economy (EDGE) Tax Credit Program, Large Business Development Program (LBDP), Employer Training Investment Program (ETIP) - Incentive Component, and Prime Sites Program. In addition, the state will defer application approvals for the Film Tax Credit and High Impact Business designations. However, the press release noted that the state will honor previous commitments made in connection with any of these programs. Governor Rauner’s decision to suspend these programs is part of various cost-cutting measures being implemented to balance the state’s fiscal year 2016 budget.
TECHNICAL INFORMATION CONTACTS:
Christopher J. Girod
Principal
Ryan
412.535.4400
christopher.girod@ryan.com
Ziya M. Hajiyev
Director
Ryan
412.535.4400
ziya.hajiyev@ryan.com