Illinois lawmakers approved an extension to a state tax credit program Tuesday.
Economic Development for a Growing Economy (EDGE) provides tax breaks to businesses that promise to create in-state jobs. It expired in December, but State Senator Pamela Altoff says a measure passed by both chambers extends it by four months.
"It will allow those businesses which are currently in the pipeline or in the process to continue to move forward, and have the assurance that Illinois is committed to this program," she said.
Lawmakers intend to revamp the program into a new initiative called Thrive. But Representative Barbara Flynn Currie says the program needs to be available during that process.
"While those discussions are proceeding, it seems prudent to make sure that we do still keep this in our toolbox, in order to avoid losing a potential new Illinois employer to another state that has a similar economic incentive," she said.
The bill must still be signed into law by the governor.