Governor Quinn Signs Enterprise Zone Bill into Law
A bill that extends tax incentives to many Illinois businesses and ultimately keeps hundreds of thousands of Illinois jobs safe has been signed into law by Governor Pat Quinn.
According to State Rep. Sid Mathias, a co-sponsor of Senate Bill 3616, more than 12% of Illinois’ current jobs were created through Enterprise Zones, and several of the zones were set to expire in 2013. “Enterprise Zones are an incredibly important job development tool in Illinois,” said Mathias. “As we continue to strive for an economic recovery here, it was important to extend these zones so that our businesses can continue to employ a full work-force.”
The new law extends the life of Illinois’ 97 Enterprise Zones by an additional 25 years and allows for the creation of five new zones. The law also increases accountability and transparency within the program.
“Since 1982, more than 900,000 Illinois jobs have been created or retained through these zones, and more than $49 billion in capital investment has been realized,” Mathias said. “By extending the zones we are helping Illinoisans remain employed and helping businesses remain solvent during this difficult economy.”