Corporate Incentives Come Under Scrutiny in Illinois
SPRINGFIELD, Ill. (IRN) – Corporate incentives, or giveaways, will be under scrutiny in Illinois next year.
Archer Daniels Midland, Boeing, and others are seeking incentives in excess of what the state usually offers to retain and attract business.
There is concern in Springfield that if ADM gets its request, to keep some of its employees’ state income taxes, the floodgates will open with requests.
That has the Illinois House speaker concerned, and Gov. Pat Quinn says incentives will be looked at.
“I really think this is, the coming year, a good opportunity to take a step back and examine the tax code and the incentives in Illinois, and I’ve spoken to Speaker Mike Madigan and other leaders as well and I think the coming year is a good time to take a look,” the governor said.
Quinn was not specific about what he wants to see in any possible new policy regarding corporate requests for tax breaks, but he wants smaller companies to get help when they’re in a position to add jobs and he says he’s for fairness.
The governor has made use of the EDGE tax credit to attract and retain businesses, but that’s a standing program for which businesses can apply.
The more recent round of requests has necessitated special legislation.