House Democrats refuse to allow vote on legislation
Springfield, IL…State Representative Jason Barickman (R-Champaign) said that the House must act on legislation that will extend the life of current enterprise zones, which will begin to expire in the coming years, or face significant problems that will result due to the loss of this proven economic development tool.
“There are around 100 enterprise zones throughout Illinois. These are proven economic development tools we have at our disposal to attract and retain jobs,” said Rep. Barickman. “Since the creation of enterprise zones over 700,000 jobs have been created or retained within the areas. Around $33 billion dollars has been invested by tens of thousands of businesses within the zones. If the extension is not approved in the near future Illinois will take a significant step backwards and risk the loss of thousands of jobs and millions of dollars in investments.”
Enterprise zones are economic development tools which allow businesses located in designated regions to receive specified incentives. Businesses located within the zones can receive a number of benefits, such as a $500 tax credit for each new job created or a sales tax exemption for machinery and building supplies. In order to maintain these incentives businesses must meet specified requirements for job creation and retention, as well as capital and infrastructure investments.