Big companies will continue to receive a tax break for moving to DeKalb after the city agreed to extend a tax agreement through next year. It provides incentives for large businesses that come to or expand in DeKalb as long as they follow certain criteria on building size, jobs and wages.
The Daily Chronicle reports the tax abatement has been critical in attracting more than 1,200 new jobs and millions of dollars in revenue since 2006. Local officials expect state designations to be awarded by next year and go into effect in 2016.
An Illinois lawmaker is questioning why legislation addressing the future of major corporations has to come after a solution to the $100-billion pension shortfall. Governor Quinn called for a ‘moratorium’ on tax credits for any company until the issue is solved. Senator Andy Manar, D-Bunker Hill, says there’s no reason they can’t be done simultaneously.