SPRINGFIELD, IL – Hundreds of jobs may be headed to economically depressed areas thanks to the passage of a utility tax exemption measure sponsored by State Senator Donne Trotter (D- Chicago).

Senate Bill 1448 allows a business located in an economically depressed area (Enterprise Zone) to apply for a utility tax exemption from the Department of Commerce and Economic Opportunity. Businesses applying for the exemption must also meet one of the following requirements: (1) create at least 200 full-time jobs; (2) invest at least $175 million and create at least 150 full-time jobs; or (3) retain at least 1,000 full-time jobs. The bill additionally allows businesses retaining at least 300 full-time jobs in economically depressed manufacturing sectors (at least 9% unemployment) to be eligible for utility tax exemptions.

Sen. Trotter spoke specifically about the potential impact Senate Bill 1448 will have on his district and surrounding areas. “When this bill is signed by the governor, Finkl Steel will be able to move to the South Side of Chicago and not move out of state,” said Sen. Trotter. “It will ensure the creation of new jobs, revitalize a depressed community and help build economic security for homeowners and businesses in the surrounding areas. This is how our tax dollars allow businesses to help people. This is how we keep our state viable. It is a win-win partnership.”

Senate Bill 1448 now moves to Governor Quinn for approval.