A press release from State Senator Pam Althoff:
Althoff enterprise zone bill signed by Governor
McHenry, IL – State Sen. Pamela Althoff (R-McHenry) says bipartisan legislation she sponsored aimed at expanding and modernizing Illinois’ enterprise zones will create thousands of new jobs in the future. [Althoff was the first Joint Sponsor.]
Gov. Pat Quinn has signed the measure – Senate Bill 3616 – which extends the life of enterprise zones set to expire by 25 years. The new law also increases their geographic area, creates 10 new zones across the state, and includes new transparency measures, such as additional performance disclosures, which will help taxpayers better understand how the zones’ tax incentives are being used.
Also sponsoring the measure were State Senators Mike Frerichs (D-Champaign), John Sullivan (D-Rushville), David Koehler (D-Peoria), Linda Holmes (D-Plainville) and Mike Jacobs (D-Moline). The bill passed without opposition in the Illinois House, and in a 46 to 4 vote in the Illinois Senate.
“Enterprise zones are one of the few areas of economic policy Illinois government has gotten right in recent years,” Althoff said. “Since they were first created in 1992, enterprise zones have added more than 900,000 jobs to our state economy, and under this measure they’ll continue to create thousands of new jobs in the coming years.
The legislation came about after a three year effort, including statewide hearings held earlier this year in which Althoff and other lawmakers sought to gauge business and community leaders on their support for enterprise zones, and how they impacted their areas.
“Virtually every person who attended the hearing voiced their strong support for enterprise zones as a crucial tool in creating jobs and economic opportunity,” Althoff said.
“Thanks to this new law, they will continue playing a key role in moving our economy forward.”