ALTON, Ill. – Continuing his efforts to protect jobs in the metro east, state Rep. Dan Beiser, D-Alton, helped pass legislation requiring businesses that receive tax breaks but then move jobs out of state to pay back the assistance they received.
“Companies come to our state all of the time looking for financial assistance to grow their business and create jobs in our communities,” Beiser said. “Unfortunately, some companies take a tax break and then leave, without creating the jobs or growth they promised. This legislation ensures that taxpayer money that is given to businesses for economic development is actually used to help our communities.”
Beiser cosponsored House Bill 3538, which creates the Keep Illinois Business Act, which passed the House of Representatives on Monday. Businesses can receive a variety of incentives, including tax credits, tax exemptions, grants and loans from the state in order to grow and create more jobs. There have been instances where businesses receive these additional incentives and then move to another state and take Illinois residents’ jobs with them. This legislation requires businesses to pay back every dollar they received to the state.
“This is a common sense piece of legislation that protects taxpayers, but we can always do more to help out local businesses and prevent outsourcing,” Beiser said. “We need to continue to lift up businesses that stay in the state, by cutting corporate income tax and leveling the playing field for small and medium-sized businesses, while ensuring that our local jobs are not shipped overseas.”