On November 10, 2015, Illinois Governor Bruce Rauner’s Administration announced that, effective immediately, the Department of Commerce and Economic Opportunity (“DCEO”) will resume approval of EDGE Tax Credits and Film Tax Credits, both of which were suspended for new projects at the beginning of the State’s fiscal year. Although the DCEO will be re-instituting EDGE and Film Tax Credit approvals, actual tax credits for newly approved projects will not be certified until a fiscal year 2016 budget is enacted.
In order to ensure a more fiscally-responsible approach to Illinois incentives, the Governor instituted various policy changes to the EDGE Tax Credit program. Five primary policy changes include:
The DCEO has also made additional changes internally to help streamline the incentives process.
True Partners Consulting’s Credits and Incentives Practice can assist your business with all aspects of incentives negotiations, including Illinois EDGE annual compliance. Our team of knowledgeable professionals provides advice and performs services to assist in all aspects of credits and incentives negotiation and compliance. If you have any questions or need help in maximizing your incentives potential, please contact Minah Hall at Minah.Hall@TPCtax.com or Natalie Matwijiszyn at Natalie.Matwijiszyn@TPCtax.com.
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