Illinois uncertain if Mitsubishi will have to repay tax subsidies - Quad City Times
SPRINGFIELD — More than two weeks after Mitsubishi announced it was pulling up stakes on its taxpayer-subsidized auto plant in Normal, officials still aren't saying whether the company will have to repay any of the financial incentives it... Rather than focus on the estimated $9 million that has been paid out to the company as part of a decade-long economic development agreement signed in 2011, the Illinois Department of Commerce and Economic Opportunity says it is trying to ensure... Pat Quinn, the auto plant and the state agreed to an incentive package worth $29 million over 10 years. The company agreed to spend $45 million in plant upgrades and pledged to keep a workforce of 1,200 employees on board for the duration of the agreement. The state aid came in the form of two commonly used state incentives: the Employer Training Investment Program and the Economic Development For a Growing Economy Tax Credit Program, or EDGE. The EDGE program is designed to offer a special tax incentive to encourage companies to locate or expand operations in Illinois when there is active consideration of a competing location in another state. In short, the program provides tax credits equal to the amount of state income taxes withheld from the salaries of employees in the newly created or retained jobs. Source: qctimes.com
