Governor Approves Economic Development Package; Follows Through On Campaign Pledge
FOR IMMEDIATE RELEASE
August 11, 1999
GREENVILLE -- Governor George H. Ryan today signed legislation designed to level the economic development playing field with other states and attract new, high-paying jobs to Illinois.
In signing Senate Bill 40, the "Jobs Through Economic Competitiveness Act," Ryan also announced the creation of the Governor's Economic Policy Council and the restructuring of the Illinois Economic Development Board.
The main component of Senate Bill 40 is the Economic Development for a Growing Economy (EDGE) Tax Credit Act. Ryan pledged during his gubernatorial campaign to create a new tax incentive program that would help Illinois better compete with neighboring states and capture a larger number of businesses looking to expand or relocate.
"This legislation will help Illinois attract and keep good, high-paying jobs," Ryan said. "By leveling the economic development playing field, we are sending a strong message to the business community that Illinois is a great place to do business."
The EDGE program is a new targeted tax incentive program that would provide tax credits for businesses that create new jobs and make capital investments in Illinois. The EDGE program is designed to help areas of Illinois that are in direct competition with other states for jobs and development.
Businesses creating new jobs would be able to claim a state income tax credit equal to a portion of the incremental income tax generated from new jobs created in Illinois. Provisions of the legislation assure that a company creates and/or retains new jobs prior to receiving any benefit from the tax inducement. Similar programs are currently available in Indiana, Kentucky, Michigan, Missouri and Ohio.
Senate Bill 40 also contains provisions to bolster Illinois' high-tech business community. The legislation calls for the creation of the Illinois Technology Enterprise Corporation (ITEC), a regional network of centers, designed to stimulate the formation, growth and retention of technology-based businesses in Illinois.
Recognizing the emergence of the "new economy" based on technological advances, and the increasing use of electronic commerce, Ryan has appointed a "Governor's Economic Policy Council" to help prepare Illinois for the realities of our changing economy.
The legislation also directs the Illinois Department of Commerce and Community Affairs (DCCA) to prepare a five-year economic development strategy for Illinois. To help implement that plan, Ryan will chair the reconstituted Illinois Economic Development Board. This CEO-level advisory board will help the Administration devise and implement the State's economic development strategic plan.
"For too long Illinois has been without a clear, long-term strategy for economic growth," said DCCA Director Pam McDonough. "This bill sets the criteria for the development of a blueprint for lasting prosperity."
"This legislation gives us the economic development tools we need to sustain a healthy business climate," Ryan added. "It will bring good jobs to Illinois that probably would have gone to other states, and it will ensure that Illinois enters the 21st century on sound economic footing."
Senate Bill 40 is sponsored by Senators Frank Watson, R-Greenville and James Clayborne, D-East St. Louis; and Representatives Thomas Holbrook, D-Belleville; Mike Bost, R-Murphysboro; John O. Jones, R-Mt. Vernon; Jay Hoffman, D-Collinsville; and Steve Davis, D-Bethalto.
A list of appointees to the Governor's Economic Policy Council and the Illinois Economic Development Board is attached.
GOVERNOR'S ECONOMIC POLICY COUNCIL
Chairman of the Chicago Federal Reserve
Dr. Robert Mandeville
Former Director of the Bureau of the Budget, Springfield
Chairmen & CEO of Samuel Zell and Associates, Chicago
President of Community Bank of Lawndale, Chicago
Vice President, Taxes for Sears Roebuck & Co., Hoffman Estates
Professor Robert Resek
University of Illinois, Department of Economics and Public Affairs, Urbana
Professor William Rogerson
Northwestern University, Department of Economics, Evanston
Assessor of Cook County, Chicago
Judy Baar Topinka
Illinois State Treasurer, Springfield
Illinois State Comptroller, Springfield
ILLINOIS ECONOMIC DEVELOPMENT BOARD
Chairman & CEO of McDonald's Corporation, Oak Brook
Chairman & CEO of Motorola, Inc., Schaumburg
Chairman & CEO of John Deere & Co., Moline
Chairman & President of Spiegel, Downers Grove
President of North American Paper Company, Berkeley
Owner & CEO of Ann Sather Restaurants, Chicago
Chairman & CEO of the Chicago Board of Trade, Chicago
Chairman & CEO of Caterpillar, Inc., Peoria
President of Acme Screw Company, Wheaton
Chairman of Chicago Midwest Region, Burson-Marsteller, Chicago
CEO of Irvine Investments, Chicago
Advisor to Deloitte & Touche, Chicago
Former U.S. Secretary of Labor and Congresswoman from Rockford
Director of Salomon Smith Barney, Chicago
President of Prudential Cullinan Properties, Ltd., Peoria
President & CEO of Municipal Trust and Savings Bank, Bourbonnais
President & CEO of People's National Bank of Fairfield, Fairfield
President & CEO of Williams Family Partnership, Chicago
James Reynolds, Jr.
President & CEO of Loop Capital Markets, LLC, Chicago
Sue Ling Gin
Chairman & CEO of The Flying Food Fare, Chicago
CEO of Fortaleza Asset Management, Chicago
Ex-Officio - Don Johnson
President of the AFL-CIO of Illinois, Chicago
Ex-Officio - Dennis Whetstone
President of the Illinois State Chamber of Commerce, Chicago
Ex-Officio - Greg Baise
President of the Illinois Manufacturers' Association, Chicago
Ex-Officio - David Vite
President of the Illinois Retail Merchants Association, Chicago
Ex-Officio - Richard M. Daley
Mayor of Chicago
Ex-Officio - Charles Box
Mayor of Rockford
Ex-Officio - Deborah Powell
Mayor of East St. Louis