Springfield, IL — State Senator Dan Kotowski (D-Park Ridge) passed legislation out of the State Senate on Friday that will provide job creating tax credits to Illinois businesses. Senate Bill 2025 encourages businesses to locate or expand their operations in Illinois.

If this becomes law, the Department of Commerce and Economic Opportunity will be able to provide Economic Development for a Growing Economy (EDGE) tax credits to Illinois businesses if they locate near mass transit or affordable housing.

Under the EDGE tax credit program the Business Location Efficiency Incentive Act became law in 2007 allowing DCEO to help Illinois businesses create 1,125 jobs and retain 5,148 jobs between 2007 and 2010. Senate Bill 2025 will extend the act through 2016. If this bill doesn’t become law the act will expire on December 31, 2011.

“The people of Illinois need quality job opportunities and our state must foster economic development,” Senator Kotowski said. “Extending these tax credits is another way support and strengthen the Illinois business community.”

Senator Kotowski has been working directly with the DCEO to advance this job creating legislation.

“Through our strategic investments we are strengthening our ability to create and retain quality jobs and bringing greater economic development to every part of the state,” said DCEO Director Warren Ribley. “By expanding this act, we are investing in the businesses that are investing in Illinois.”

Senate Bill 2025 now awaits action in the Illinois House of Representatives.