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Madigan introduces plan to reform EDGE program

Published: Wednesday, May 14, 2014 1:03 p.m. CDT

SPRINGFIELD — A plan to expand tax incentives is advancing in the Illinois Legislature.

A House committee voted 8-2 Wednesday to approve House Speaker Michael Madigan's plan to expand the EDGE tax credit program to more companies that create at least five new jobs in high-poverty areas.

The program provides a credit against corporate income taxes, provided companies make capital investments that create jobs. They also have to attest another state is trying to lure the business away. But many companies can't use the credit because they don't pay enough corporate income tax.

Some business groups say Madigan's changes are too narrow.

But Madigan says this is part of a larger conversation about reforming the tax code.

The measure now heads to the full House.

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