SPRINGFIELD, Ill. – Big businesses that ship local jobs overseas will be required to pay back every dime they’ve received from Illinois taxpayers and barred from receiving any future taxpayer-funded deals under a measure passed by state Rep. Larry Walsh, Jr., D-Elwood.
“Corporations that ship the jobs of hard-working men and women in our community out of state need to be held accountable for their actions,” Walsh said. “We need to make sure that we are giving tax breaks to companies that are committed to investing in our state’s hard-working men and women.”
Walsh voted to pass the Keep Illinois Business Act, House Bill 3538, which would disqualify any business that has moved all or part of its business out of state from qualifying for any form of state credits, incentives and loans funded by Illinois taxpayers. The legislation would also require these businesses to pay back any monetary assistance previously received if they move jobs out of the state.
The measure is a key element of Walsh’s economic reform agenda, which will create and protect Illinois jobs while also lifting up the middle class. In addition to cracking down on corporate outsourcers, Walsh is fighting to reinstate tax credits for Illinois businesses that create jobs locally. Walsh’s reforms also help working families keep more of their hard-earned money by expanding the Earned Income Tax Credit.
“The economic reforms I’m backing prioritize middle-class families in Illinois that are the driving force of our state’s economy,” Walsh said. “By supporting the middle-class we lift up the entire state’s economy.”