SPRINGFIELD – Illinois will soon see a spur in economic growth and job creation, thanks to a new law championed by State Senator Michael E. Hastings that will roll out new business incentives.
“This economic development package will strengthen and expand proven state programs that have a solid track record of growing our local economy, supporting businesses and creating new, good-paying jobs,” said Hastings (D-Frankfort). “I am proud to support a new law that contains multiple initiatives to help working families across the south suburbs.”
House Bill 5005 expands incentives for existing programs such as Reimagining Energy and Vehicles in Illinois, which offers competitive incentives to expand in or relocate to Illinois for companies that manufacture electric vehicles, charging infrastructure and recycling products, as well as renewables including solar, wind and energy storage. The measure also strengthens established economic development programs such as Illinois’ Economic Development for a Growing Economy (EDGE) tax credit program and the River Edge Redevelopment Zone Program.
To help support working families, the new law will further support the Illinois Grocery Initiative to help eliminate food deserts throughout the state by allowing more businesses to be eligible for the Equipment Upgrades and New Stores in Food Deserts grant programs. Hastings believes this is a good step toward eliminating hunger and creating greater food security in communities across the south suburbs.
“This comprehensive business development plan will help further set up our great state for economic success,” said Hastings. “We need to continue to build upon the success the state has seen through the use of these economic programs to further attract and retain businesses throughout the fighting 19th District.”
House Bill 5005 was signed into law on Wednesday and is effective immediately.
