Illinois Governor Pat Quinn made a stop at the Chicago Rockford International Airport on Tuesday to celebrate the extension of the Illinois Enterprise Zone program.
Quinn signed Senate Bill 3616 in Chicago Tuesday morning and will make stops in various cities around Illinois to highlight the law. The law not only renews the Enterprise Zone program, a state and local partnership that encourages economic growth and stability for businesses, but also extends it for 25 years.
The law makes the following three changes to the program:
Since the establishment of Enterprise Zones, 42,543 businesses have invested in them in Illinois. Businesses located in zones have created 354,762 jobs and retained 536,562 jobs.
"We are listening to what companies say they need to thrive," David Vaught, acting director of the DCEO said. "They tell us that the Illinois Enterprise Zone program is one of the most effective economic development tools in the state's tool box. By extending the program for 25 years, companies have a predictable environment in which they can create jobs and fuel economic growth."
The law takes effect immediately. For more information, click here.
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