State Senator Dan McConchie (R-Hawthorn Woods) noted the end of session with the positive steps made to boost the economy and bring jobs back to Illinois.
“The most noteworthy accomplishment made during the last week of session and the one that will have the most impact on boosting our economy is the achievement of significant business reforms,” said Sen. McConchie. “These reforms will not only help current business owners in Illinois but will also help incentivize others to move here.”
Senate Bill 689 provides operating revenues for the FY20 budget, but the inclusion of several business reforms were key in Sen. McConchie’s affirmative vote on the bill.
Sen. McConchie noted the following reforms as significant:
Blue Collar Jobs Act: Adoption of tax credits which will incentivize large-scale construction projects and jobs investment in Illinois by providing tax credits to companies that invest to build, renovate or expand a facility.
Manufacturer’s Purchase Credit: Extends the tax credit to include certain supplies and consumables used in a manufacturing facility.
Illinois Franchise Tax Elimination: In an effort to encourage more franchises to open in Illinois, beginning in 2020, the corporate franchise tax will begin to phase out and will be completely eliminated by 2024.
Tax Collection: Provides a path for businesses who are late on tax payments to rectify.
“The General Assembly also voted to provide tax incentives to data centers, which is a booming industry in our ever-growing tech world,” said Sen. McConchie. “It’s important that we encourage these companies to come to Illinois because they offer good, high paying jobs.”