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Health & Fitness

Sente Participates in Hearing on Economic Development Tax Incentives

Vernon Hills, Ill. –State Representative Carol Sente, D-Vernon Hills, attended a meeting of the House Revenue & Finance Committee and the House State Government Administration Committee to discuss the effectiveness of corporate tax incentives on Friday.

“As a former business owner and Chair of the House Business Growth and Incentives Committee, I understand the challenges employers are facing in an increasingly competitive market and the importance of effectively coordinating efforts that will attract, retain, and grow businesses, as well as put Illinoisans back to work,” Sente said. “It is long overdue that we take a comprehensive look at exactly where Illinois stands in terms of our economic development efforts and how our tax structure and incentives are working or not.”

Sente explained that the committees are planning a series of hearings this spring to delve further into the issues of tax breaks and economic development efforts.  On Friday, 17 testimonies were heard from various agencies, academics and tax policy groups including the Department of Revenue, the Department of Commerce and Economic Opportunity (DCEO), the Illinois and Chicagoland Chambers of Commerce, the Small Business Advocacy Council, Illinois Retail Merchants Association, and the Illinois Manufacturers Associations. 

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“We listened to testimony on EDGE tax credits, and learned that they can be beneficial to businesses receiving them, producing 2.5 times the jobs they had estimated, the average payback period in revenue to the state occurring in less than 2 years, and every $1 in tax credits given has leveraged $8 in private capital investment in Illinois,” Sente said. “But we must continue to explore why some companies receive deals, while many do not. The system must be fair and transparent, so that all employers have the same opportunity to receive assistance that will help them succeed and put more people back to work.”

Last year, Sente championed a new law requiring DCEO to establish a 5-year strategic economic development plan with input from the private sector, and also requiring them to submit ideas for legislation that could attract businesses and create jobs each year. Sente plans to further advance her economic development efforts through the introduction of House Bill 65, reducing limited liability company (LLC) fees to levels comparable to those of corporations.

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For more information, please contact Sente’s full-time constituent service office at (847) 478-9909, or email RepSente@gmail.com.

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