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Shocker: Illinois Crony Capitalism Thrived with Competitive Business Fled State

Illinois Policy Institute 21 January 2015 No Comment

Illinois has used the Economic Development for a Growing Economy, or EDGE, Tax Credit Act to dole out nearly $1 billion in tax credits to businesses since 2001. The act establishes that EDGE tax credits can only go to businesses creating new jobs in the state. But the Department of Commerce and Economic Opportunity, or DCEO, created its own regulations under which the agency gave out EDGE tax credits to companies for “retained” jobs.

crony-capitalism

The Liberty Justice Center, a public-interest law center, filed a lawsuit on Jan. 9 on behalf of Illinois taxpayers against the DCEO to stop the state agency from granting tax credits in excess of the statutory limits set by the EDGE Act.

The lawsuit alleges that the DCEO has approved hundreds of millions of dollars in EDGE tax credits –perhaps as much as half of the nearly $1 billion tax credits approved over the life of the program – in violation of the limits established in the law.

Read more at Illinois Policy Institute

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