CHICAGO (WGEM) – Illinois Governor JB Pritzker signed a bill he believes will grow Illinois’ economy by creating more cutting edge jobs in the state during a ceremony in Chicago Wednesday.
Pritzker, a Democrat, said the business package would “help Illinois businesses expand, create more good-paying jobs, cut red tape to encourage job creation, continue our success in attracting high-growth industries and encourage new and existing businesses across Southern Illinois.”
This new law does several things: It expands the Reimagining Energy and Vehicles (REV) and Economic Development for a Growing Economy (EDGE) programs, and it also expands the Motion Picture Industry and Research and Development Tax Credits.
The legislation would reinstate eligibility criteria for companies to access the Illinois Made in Real Opportunities Chips (MICRO) program and make it easier for small businesses specializing in quantum computing, semiconductor manufacturing and microchip manufacturing to enter the market.
It also simplifies red tape related to the Blue Collar Employment Act (BCJA) program.
The legislation also creates a Quantum Enterprise Zone. The state hopes to create a quantum campus that could attract up to $11 billion in federal funding and $20 billion in private investment, according to the governor's office.
“This bill positions Illinois to take advantage of this technological advancement by expanding current incentive programs and updating business development programs to ensure Illinois remains competitive for jobs and new capital investment,” said Sen. Steve Stadelman, D-Rockford, the bill's Senate sponsor.
“Today's agenda is about more than just tax credits and incentive packages. It's about continuing to revitalize our communities and our economy,” Pritzker said.
The new law also expands Grocery Initiative Act eligibility and incentives. Grocery stores located in locations intended to stimulate economic growth in underserved areas will now be able to apply for assistance under both the Grocery Initiative Act and the High Impact Business Program. Previously, they could only apply for one program or the other, not both.
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