SPRINGFIELD- State Representative Jason Barickman (R-Champaign) voted in favor of legislation that will extend the life of current enterprise zones for 25 years and create five new zones throughout the state.
“I am pleased we were finally able to approve this economic development measure that will help ensure our job creators have a reliable, stable business environment within these zones,” said Barickman. “These are proven incentives that attract employers, allow businesses to expand and grow, and help to improve the communities and areas they are located in.”
Since the creation of enterprise zones over 900,000 jobs have been created or retained within the areas. Around $49 billion dollars has been invested by tens of thousands of businesses within the zones.
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 tax credits 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.