Written by Clayborne Staff Thursday, 18 February 2010 14:05
"This bill is an opportunity to show our communities that we are committed to bringing in new businesses and retaining our current investments," Clayborne said. "During these harsh economic times, we must do everything in our power to stimulate local economies and foster job growth. This legislation will accomplish both of these measures." The program is administered by the Department of Commerce and Economic Opportunity (DCEO) and offers supplemental funding for qualified equity investments in community development projects located in low-income areas in Illinois. The program has been very successful since its introduction. During the program’s first year, all credits were allocated by DCEO within 6 months. "We need more jobs in our communities," Clayborne stated. "Unemployment in the Metro-East region is almost 11 percent and climbing higher every day. This initial investment by the state will attract new businesses that create more jobs for our citizens. In return, our state will benefit from leveraging nearly $500 million in newly acquired sales and income tax revenue." Senate Bill 2534 passed unanimously out of the Commerce Committee. It will be voted on by the full Senate later this month.
SPRINGFIELD – State Sen. James Clayborne (D-East St. Louis) passed legislation out of the Commerce Committee today designed to ease the tax burden on local development. Senate Bill 2534 increases the annual tax credit limit of the New Markets Development Program to $40 million from the previous annual limit of $10 million.
Senator Clayborne Menu
57th District
Senate Majority Leader
Years served: 1995 - Present
Committee assignments: Committee of the Whole; Assignments (Chairperson); Pensions and Investments; Telecommunications & Technology; Energy; Executive; Joint Comm. on Government Reform; Executive Subcommittee on Amendment (Sub-Chairperson); Subcommittee on State & Local Govt.; Subcommittee on Pension Reform.
Biography: Attorney; born Dec. 29, 1963, in St. Louis, MO; B.S., Political Science, Tennessee State University; J.D., University of Miami; Partner - Hinshaw & Culbertson (Belleville); former St. Clair County Assistant State's Attorney; has four children