A bill that extends tax incentives for businesses within so-called enterprise zones is now law in Illinois. Governor Pat Quinn signed the legislation today at the Ford Motor Company plant in Chicago.
"We've had enterprise zones that have either created or retained about 900,000 jobs in Illinois over the last three decades."
Also on hand was Greg Baise with the Illinois Manufacturers' Association. He says the law has been important to business since it was first enacted 30 years ago.
"It provides stability, so companies like Ford are able to know that they will have these incentives in place to be able to expand and improve a facility like this."
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. The Democratic governor is promoting the law at stops in Rockford, Peoria, Decatur, Mount Vernon and the Quad Cities.
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