By Brad Palmer
Springfield, IL – After a few minor speed bumps, a major job-creating bill sponsored by State Senator Gary Forby passed through the Senate and will be sent to the governor.
The Benton democrat says if Governor Pat Quinn signs it, the measure will create 350 new jobs at Continental Tire in Mt. Vernon and help deter a major economic engine in southern Illinois from locating and expanding in another state.
The legislation allows Continental Tire to take advantage of Illinois' Economic Development for a Growing Economy tax credit program. This economic development tool is offered to companies looking to build new facilities in Illinois and used to retain companies on the verge of leaving Illinois to locate in another state.
Other companies, such as Mitsubishi Motors North America, Navistar and Ford, have been persuaded to stay in Illinois due, in large part, to the incentives offered through this program. The bill also allows for Motorola to use this tax credit against their withholding liability if they agree to retain 2,500 jobs in Illinois and make a capital investment of at least $500 million.
