ELGIN- The 22nd Senate District now has a new bipartisan economic development program, thanks to a measure championed by Democratic Senator Cristina Castro of Elgin.

House Bill 162 reinstates the Economic Development for a Growing Economy (EDGE) program, allowing the Department of Commerce and Economic Opportunity (DCEO) to offer tax credits to businesses that invest in Illinois.

“This new bipartisan law will help energize our economy and create good-paying jobs for our residents,” Castro said. “I look forward to continuing my work to increase economic development opportunities and investments in our communities.”

EDGE tax credits are a competitive economic development program that helps Illinois attract and retain jobs. This incentive helps encourage business growth.

‘It’s important that we utilize every tool at our disposal to attract and retain good paying jobs for Illinois residents,” Castro said.  

House Bill 162 requires the Department of Commerce and Economic Opportunity to repossess economic development funds if a business granted the tax credit does not fulfill their part of the contract.

That money would then be distributed to the local workforce investment area.

EDGE credit recipients are also required to submit an annual report to DCEO containing supplier diversity information to help promote diversity in state economic incentives and programs.  

The Illinois Manufacturer Association (IMA) supported passage of this key economic incentive.

“The IMA is pleased that legislators passed a short-term extension of the EDGE tax credit,” Mark Denzler, Vice President & COO of IMA said. “It's an important tool to help attract and retain jobs.”

House Bill 162 passed the Senate and House with bipartisan support and was signed into law this week.