“When businesses are growing and creating jobs, they often forgo their profits to continue expanding,” Walker said. “This means they pay little to no income tax, and many of these businesses have income tax credits they can’t use. I want to change that.”
The EDGE income tax credits grant relief to businesses that invest and create jobs in Illinois. Businesses only pay income tax when they declare profits. Currently, even if a growing company has an EDGE credit agreement, it cannot use these credits as it grows, cutting off a vital resource for expansion. Walker’s bill, House Bill 3319, would allow these companies to sell their unused credits to other businesses, opening another source of cash for investment.
“We need a multifaceted plan to solve Illinois’ fiscal problems, but the system isn’t as efficient as it should be,” Walker added. “Tax relief for small businesses and startups helps them create good jobs and expands our tax base. It’s that simple. This bill, combined with other smart legislation like investment tax credits, is a great step to boost our economy.”