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    Sunday
    Jun072009

    Introducing Tax "C" and "I"  

    DateSunday, June 7, 2009 at 10:25PM

    To kick off this blog about Credit & Incentives, I’ll begin with a tax credit of my current home state… So without further ado...

    The Illinois EDGE

    The Economic Development for a Growing Economy (“EDGE)” program offers a tax credit to encourage companies to locate or expand operations in Illinois. Eligible companies must make capital investments of at least $5 million and create at least 25 new (to Illinois) full-time jobs. (Companies with less than 100 employees need only invest $1 million and create 5 jobs.) Note: Especially in this current economy, the EDGE credit may be available to companies needing assistance to retain jobs already in the state.

    The amount of the credit is negotiated on a case-by-case basis and may equal to the state income withholdings of the new employees. While non-refundable, the credit may be taken for up to ten years.

    Companies receiving a tax credit under the EDGE Program must file (lengthy) annual reports. Interested companies must file an application with the Illinois Department of Commerce and Economic Opportunity.

    AuthorJennifer Crane | CommentPost a Comment |
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