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IMA Tax Policy Blog

EDGE Tax Credit Extension Passes General Assembly

A bipartisan group of lawmakers in the House of Representatives and Senate overwhelmingly approved a short-term extension of the Economic Development for a Growing Economy (EDGE) tax credit after in expired in December leaving the state without an important economic development tool. SB 513 would extend the current credit by an additional four months giving elected officials time to revamp the current credit. An alternative proposal deemed the THRIVE Tax Credit (Transforming, Helping, and Reviving Illinois’ Versatile Economy) was unveiled by Sen. Pam Althoff in the last week of session but lawmakers did not have time for a full hearing. Governor Bruce Rauner is expected to sign the EDGE tax credit extension into law.