SPRINGFIELD, Ill. – Committed to investing in businesses that invest in Illinois, state Rep. Mark Walker, D-Arlington Heights, passed legislation Monday to strengthen and expand Illinois’ economy through tax credits designed to incentivize growth in research and development as well as apprenticeship.
“If we’re going to build a stronger Illinois, we have to make sure we’re supporting and rewarding investment in Illinois businesses and our talented and dedicated workforce,” Walker said. “Senate Bill 1591 restores and creates tax credits for research and development and apprenticeships respectively. Illinois businesses and workers are known for spurring innovation, and I believe this legislation will continue to spark the entrepreneurship our state needs.”
If signed into law, Senate Bill 1591 will restore a research and development tax credit for employers, giving important breaks for increasing research activities in the state. Additionally, the bill creates a new apprenticeship tax credit, rewarding businesses that create apprenticeship opportunities for young people entering the economy. Coupled with Senate Bill 1919 creating the 21st Century Employment grant program for vocational education, Walker and his colleagues are building on a promise to create a stronger Illinois.
“I’m grateful that state Sen. Gillespie has joined me on this legislation,” Walker said. “We’ve long agreed that we need to take a fresh approach to business investment, innovation and support. I believe that by shifting the focus to small business and our true job creators, as well as boosting hardworking Illinoisans, we all benefit from a stronger and more robust economy.”