Date: Wednesday, May 14, 2014
The Small Business Advocacy Council (SBAC) applauds committee passage of EDGE tax credit reform which removes a million dollar capital investment barrier to small businesses competing for these credits and requires greater transparency and accountability for companies which receive EDGE tax credits.
The Small Business Advocacy Council applauds the committee passage of HB3890 on a bipartisan basis, said SBAC CEO Elliot Richardson. This bill will level the playing field by allowing small businesses access to the same EDGE tax credits generally reserved for larger companies. HB3890 will also bring a heightened degree of accountability to the EDGE tax credit program.
Amendment 1 to HB 3890 was voted on and approved today at the Illinois House Revenue and Finance Committee. Current law requires a million dollar capital investment for small businesses to qualify for EDGE tax credits, which has excluded many growing businesses across the state.
Folks can debate whether Edge Tax Credits are necessary to compete with states attempting to poach businesses from Illinois, said Richardson. However, so long as large sums are awarded in EDGE Tax Credits each year, small businesses must have a fair opportunity to compete for them.
The SBAC is also encouraged that any special EDGE tax credits where companies are allowed to retain the state income taxes of their employees will be met with a very high level of scrutiny, said Richardson.
The bill now advances to the House of Representatives for a full vote.
About SBAC: The SBAC is a non-partisan, member driven organization representing 900 members across the Chicagoland area that promotes the success of small business through political advocacy, networking, support services and educational programs. For more information, visit www.sbacil.org