NEWS RELEASE: Enterprise zone extensions close to final vote
After public hearings across Illinois to hear testimony from local officials, economic development experts, and business leaders, a measure sponsored by Senator Frerichs has passed through the Senate Special Committee on Enterprise Zone Extensions. The proposal now faces a vote from the full Senate.
“In our hearings, we found that enterprise zones have a solid reputation as the best way to create and maintain jobs and improve business in local communities. The officials and business leaders we heard testimony from had nothing but positive proof that the Enterprise Zones are essential to these areas and no one wants to see them expire.”
NEWS
From the Illinois State Senate
State Senator Michael Frerichs, 52nd Legislative District
FOR IMMEDIATE RELEASE: Thursday, April 19, 2012
Frerichs: Enterprise zone extensions close to final vote
SPRINGFIELD, IL- After public hearings across Illinois to hear testimony from local elected officials, economic development representatives, business leaders, and enterprise zone representatives, a measure sponsored by State Senator Michael Frerichs (D – Champaign) has passed through the Senate Special Committee on Enterprise Zone Extensions. The proposal now faces a vote from the full Senate.
“In our hearings, we found that enterprise zones have a solid reputation as the best way to create and maintain jobs and improve business in local communities. The officials and business leaders we heard testimony from had nothing but positive proof that the Enterprise Zones are essential to these areas and no one wants to see them expire.”
This session, Senator Frerichs introduced Senate Bill 3688 which would allow local governments to request a 25-year expansion to their enterprise zones allowing further investment into Illinois’ economy. The Senate Special Committee held subject matter hearings on Senate Bill 3688 in Carbondale, Peoria, Rockford and Chicago, and Springfield.
“Across the state, people came out in strong support for this measure. They told us that with the current economic and business climate in the state, we should continue the programs that put people to work and keep businesses open. I know that many of my colleagues agree that this measure will do just that so I look forward to bringing it to a vote hopefully sometime next week.”
The Enterprise Zone Program, established in 1982, is one of the state’s most proven and successful economic development tools. Beginning next year, these zones will start to expire and businesses statewide will lose access to the various incentives they offer.
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