Illinois’ premier jobs program could see new life under an amendment filed Friday by an Illinois House Democrat.
The amendment seeks to extend the EDGE program, short for Economic Development for a Growing Economy, through the end of April. The program, which provides tax breaks for companies that promise to create jobs in Illinois, expired Dec. 31.
There have been concerns the program is too expensive, given Illinois’ prolonged budget crisis. Yet without it, many fear jobs could be lost to neighboring states wooing companies with tax breaks.
“There have been all kinds of questions about whether we should trim the program, expand the program, do things differently,” said state Rep. Barbara Flynn Currie, D-Chicago, who filed the amendment. “I think we should continue discussing them, but in the meantime I don’t think we want to be in the position where some major economic enterprise walks away from Illinois because we didn’t offer them any kind of help.”
Gov. Bruce Rauner supports legislation emerging in the Illinois Senate that could create a slimmer version of EDGE. That program is called THRIVE, short for Transforming, Helping and Reviving Illinois’ Versatile Economy.
As currently envisioned, THRIVE would give companies credit for 50 percent of the Illinois withholding tax attributable to the jobs created. EDGE gave 100 percent credit.
A sponsor of the THRIVE legislation, Sen. Pamela Althoff, R-McHenry, said the potential extension of EDGE is encouraging. “Realistically, we never really felt that something was going to happen immediately,” Althoff said. “We did want to assure (the business community) we were working on the program, we were making it better.”
Supporters hope to get the THRIVE bill called for discussion Monday or Tuesday.
In December, Amazon announced it would bring two more distribution centers to the Chicago area and promised more than 1,000 jobs in Aurora. The e-commerce giant is set to receive nearly $12.9 million in corporate tax breaks under the EDGE program.
The possibility of an EDGE extension wasn’t welcomed by Todd Maisch, president and CEO of the Illinois Chamber of Commerce. An immediate long-term solution would be better than a quick fix, he said. “Still, an extension is certainly better than letting it lapse any longer.”
A hearing on EDGE’s extension is scheduled for Monday in the House Revenue and Finance Committee.
Chicago Tribune’s Ray Long contributed.
Twitter @AllyMarotti
