“Though I don’t like it, I realize that we are competing with other states for jobs and companies.  I know that there will be more economic development agreements in the future.  What I’m trying to do is make sure that the state of the Illinois drives a harder bargain next time.”  - State Senator Michael Noland

 

Springfield, Ill. – Last fall, State Senator Michael Noland (D-Elgin) was frustrated by the legislature’s rush to give Sears and other companies a massive tax break.  He felt that the state gave up too much too quickly and could have reached an agreement that was much more favorable to the taxpayers. This year, he is trying to pass a law that will better protect the taxpayers’ interest the next time a big company comes to the state looking for a handout. 

“Though I don’t like it, I realize that we are competing with other states for jobs and companies,” Noland explained.  “I know that there will be more economic development agreements in the future. What I’m trying to do is make sure that the state of the Illinois drives a harder bargain next time.” 

Under Noland’s legislation, before an Economic Development Area (EDA) agreement can be extended, the majority of the effected local governments must agree.  If a school district rejects the agreement, it will be able to continue collecting property taxes as if the EDA did not exist. Noland’s plan also guarantees that when a company sells out to another company, the buyer will not automatically get the tax break.  Instead, it must get the approval of the majority of local governments first. 

One of the biggest issues with Sears’ EDA agreement last year was that School District 300 felt that it was not getting its fair share of property tax revenue, hampering its ability to provide the best possible education to local students. 

“I thought that School District 300 raised some very legitimate points about the Sears Economic Development Agreement,” Noland said.  “I want to make sure that we address local people’s concerns the next time we debate corporate tax breaks.  That’s what this legislation is all about.” 

Noland’s legislation has passed the Senate and now goes to the Illinois House.

 

Category: Newsflash
 

Contact Info

District Office:
The Professional Building
164 Division Street, Suite #102
Elgin, IL 60120
847-214-8864 phone
847-214-8867 facsimile

Springfield Office:
307B Capitol Building
Springfield, IL 62706
217-782-7746 phone
217-557-3908 facsimile