By Eric Stock
BLOOMINGTON – State Sen. Bill Brady (R-Bloomington) said a state tax credit program needs to undergo a thorough review, on the heels of a report that shows a majority of businesses that received help through Economic Development for a Growing Economy or EDGE either cut jobs or closed.
“We need to uncover the detail in this and make sure we purify the system,” Brad said. “It’s a very valuable too. It’s something we talk to a lot of employers about.”
PODCAST: Listen to Scott and Colleen’s interview with Brady on WJBC.
The Chicago Tribune reports the program, which dates back to the Gov. George Ryan administration in 1999, gave out millions in tax breaks, including $5.2 million to Mitsubishi Motors.
Brady indicated EDGE was instrumental is helping ConAgra’s recent decision to move its headquarters to Chicago, but he said it’s failed in too many other cases.
He said the governor will have to look at those contracts to determine if the state can get back money from those companies that didn’t fulfill their end of the bargain.
“You’ve got to deliver on results and we have to make sure the contract is written as such that you only get the benefit if you can prove you’ve achieved the goal that was established at the onset,” Brady said.
Eric Stock can be reached at eric.stock@cumulus.com.
