Illinois Gov. Bruce Rauner signed a law overhauling the state’s EDGE tax credit program. He says it’s now being extended to 2022, in hopes of attracting more businesses and creating more jobs.
"It allows a company that hires a person, that employee's income tax they pay to the state, the state turns around and gives an income tax credit to the company itself," he said.
State Sen. Melinda Bush sponsored the legislation and says it now includes incentives for companies to expand or move to underserved areas of Illinois.
"It also has a job retention piece that has never been part of EDGE before," she said. "Because it's not just about bringing good jobs here, it's about keeping good paying jobs here."
The overhaul also aims to foster greater transparency on which companies are getting the tax credit.