On the final day of the scheduled legislative session, State Sen. Sue Rezin (R-Morris) said, the Senate passed a major economic development incentive measure that will greatly impact Grundy County.
Senate Bill 20 paves the way for a long list of public projects through a variety of incentives and authorizations.
Projects include a Grundy County Economic Development Project Area, as well a third major Chicago-area airport near Peotone to be operated by the Illinois Department of Transportation, and farmland assessment changes.
“Senate Bill 20 will greatly assist Grundy County in attracting manufacturing prospects to our communities,” said Nancy Ammer, CEO of the Grundy Economic Development Council. “With one of the highest unemployment rates in the state, we need to get people back to work and help them find quality jobs.
“This bill allows us to be competitive and successful in attracting new investment and jobs for our residents. We are grateful for the hard work of Senator Rezin and all our local legislators.” The legislation would also allow Grundy County to rebate real estate taxes paid by developers in economic development project areas (EDPA), even when the EDPA has been located outside of an enterprise zone for three years.
The EDPA is similar to a Tax Increment Financing (TIF) District, and is designed to lessen the impact of the machinery and equipment (M&E) tax.
Grundy County’s M&E tax is a unique taxing structure under which heavy industrial machinery and equipment are taxed as real property.
The state’s other 101 counties classify machinery and equipment as personal property, which is not taxed in Illinois. This legislation will lessen the burden of the M&E tax on local employers.
Sen. Rezin said the current law was preventing companies from doing business in the area, but Senate Bill 20 will provide clarity in the tax law and remove barriers to doing business in Grundy County.
“This legislation is one less hurdle businesses and companies will have to clear,” Sen. Rezin said. “I applaud the hard work that was put into this legislation. We have been working on crafting this for over a year and I know that it will spur economic growth and create jobs in the area.
“I’d like to thank Reps. Roth, Mautino, and Bradley, and Sen. Hutchinson for their collaboration. We all realized this was a priority for Grundy County, and we worked as a team to get it through the General Assembly.
“Also, thank you to Nancy Ammer and the Grundy Economic Development Council. It was great to see so many come together and make this initiative a reality for the good of the county and the state of Illinois. It was really a team effort.”
Senate Bill 20, having passed the House and Senate, currently awaits Governor Quinn’s signature in order to become law.