SPRINGFIELD, Ill. – State Rep. Diane Pappas, D-Itasca, passed an economic development bill that extends a tax credit for research and development projects and creates tax relief for business owners who employ apprentices.
“Creating economic opportunities for more Illinoisans is key to a better future for this state,” Pappas said. “Broadening apprenticeship programs will create good-paying jobs in practical, sustainable industries, and aiding research projects will generate opportunities in emerging industries. I’ve committed myself to building a stronger Illinois, and this legislation brings us closer to that goal.”
Pappas helped pass Senate Bill 1591, which extends a tax credit in place for a wide-range of research and development projects including software programs, manufacturing materials and an array of consumer products. The measure also creates a new tax credit for taxpayers who employ apprentices in their businesses. There is a $3,500 limit on the credit that is raised to $5,000 in situations where the business or apprentice are located in areas with high poverty or unemployment.
“Illinois is facing a widening skills gap,” Pappas said. “We need workers with practical experience and hands-on education who can help combat that problem. This will bolster that effort while creating long-term jobs and encouraging new technology growth.”