Written by Frerichs Staff Friday, 01 April 2011 13:13
"Enterprise Zones have been a hugely successful economic development tool for the state of Illinois," said Senator Frerichs. "With the passage of this bill, we’re closer to giving businesses the certainty they need to continue investing in Enterprise Zones, expanding their operations, and creating jobs." An Enterprise Zone is a geographic area targeted for economic development. Businesses that locate within the zone qualify for certain tax incentives. Enterprise Zones have been established in both Champaign and Vermilion Counties. According to the Department of Commerce and Economic Opportunity’s most recent annual report on Enterprise Zones, Enterprise Zones created $2.7 billion dollars in investment from 1,132 businesses, created 9,078 jobs, and retained 15,966 jobs over the course of Fiscal Year 10. Senator Frerichs remarked, "With our state’s economic recovery still fragile, tools like Enterprise Zones help to provide some stability and security. Without this extension of Enterprise Zones, thousands of jobs would be at risk." Senate Bill 1633 passed the Senate with a 53-0 vote. It now moves to the Illinois House of Representatives for consideration.
SPRINGFIELD, IL – Today, State Senator Michael Frerichs’ (D – Champaign) bill to protect economic development and job creation through the use of Enterprise Zones passed the Illinois State Senate with unanimous support. Many of Illinois’ Enterprise Zones were set to expire in 2013. This bill allows local governments to extend the timeline by an additional 20 years.
Senator Frerichs Menu
52nd District
Years served: 2007 - Present
Committee assignments: Higher Education (Vice-Chairperson); Agriculture and Conservation (Chairperson); Licensed Activities; Commerce; Education; Committee of the Whole; Subcommittee on Animal Welfare (Sub-Chairperson); Subcommittee on Coal Mining (Sub-Chairperson).
Biography: Full-time legislator; born July 28, 1973, in Gifford; B.A., Yale University; former Champaign County Auditor and Champaign County Board Member; Certified Public Finance Officer; married (wife, Laura), one daughter.