Tax Credits Proposed For Business Taking Over Shuttered State Facility
Senator Tony Munoz says it's strictly designed to help improve communities that took a hit. "The state owns the facility. The state is spending money. I'll give you a simple example, in Joliet it is $3.7-million dollars just to keep it secured for the prison in Joliet," said Munoz.
Senator Kyle McCarter says that's a great idea but he has a few concerns. "What would keep someone on the other side of town as this facility from coming across town to take advantage of this program. If we're just shifting it from one side of a town to the other side of a town, we're creating the same problem," said McCarter.
The bill is designed to help communities that had state facilities shut down within the past two years. Officials say those communities have taken a direct economic hit.
The bill creates the State Surplus Property Revitalization Tax Credit Act. Tax credits will only be available for state facilities shuttered within the last two years that employed at least 100 people. The credit will be equal to 30-percent of the expenditures for redevelopment but cannot exceed $10 million on any single project.
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