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Lawmaker Questions Tax Break for One Business
(IRN)-A bill that would give tax breaks to Continental Tires in Mount Vernon has passed the Illinois Senate and is on its way to the House Revenue and Finance Committee.

On the Senate floor, State Sen. Chris Lauzen (R-Aurora) voiced his concerns. "What we've done in these last 40 days is we've increased the tax on all employers by 46 percent, so there's more money in the pot for the state government now to select who's going to win and who's going to lose," said Lauzen. "Everybody who doesn't have the lobbyist and a sensitive state senator, they are all going to have to pay more and a few are going to get these incentives. So how is that good tax policy?"

The bill passed the Senate unanimously. It would provide tax breaks only if Continental Tires creates 350 new jobs, retains 250 jobs, and invests $200,000 in their current site.

"We don’t have these jobs right now," said State Sen. John O. Jones (R-Mount Vernon).

The Economic Development for a Growing Economy (or EDGE) tax credit program takes the money the state would get from new hires in the form of incomes taxes, and gives those dollars to the company. The Department of Commerce and Economic Opportunity oversees the EDGE program.

(Source: Illinois Radio Network)
02 26 11 by Newsroom
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