Quinn signs extension of tax incentives

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Associated Press

Story Created: Tue Aug 7, 2012 11:53 AM

Story Updated: Tue Aug 7, 2012 11:53 AM

CHICAGO (AP) - A bill that extends tax incentives for businesses within so-called enterprise zones is now law in Illinois.
   
Gov. Pat Quinn signed the legislation Tuesday at the Ford Motor Co. plant in Chicago. The law takes effect immediately and extends the program for 25 years.
   
Businesses within the designated zones essentially get a tax break. The new law also creates a board to oversee the process of determining which companies are eligible.
   
Ford officials say the incentives have helped them stay competitive. Quinn says they also help create and retain jobs.
   
The Democratic governor is flying around the state Tuesday to promote the law with stops in Rockford, Peoria, Decatur, Mount Vernon and the Quad Cities planned.
   
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The bill is SB3616.
   
Online: http://www.ilga.gov

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