Gov. Pat Quinn announcing the law at RFD on TuesdayROCKFORD (WREX) -
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:
- Extends the program for 25 years, and creates a process for existing communities with zones and new communities to apply for the designation. The Department of Commerce and Economic Opportunity will now accept and review all applications to determine if they qualify for zone certification.
- Creates an Enterprise Zone Board to approve or deny applications certified by the DCEO. The board will be made up of five members: the DCEO director or their designee, who will serve as chair; the Department of Revenue director, or their designee; and three members appointed by the governor.
- Increases reporting requirements of companies receiving tax benefits from Enterprise Zone and High Business Impact programs, increasing accountability.
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.
