EDGE Tax Credit Program – Illinois
The Illinois Economic Development for a Growing Economy Tax Credit Program (EDGE) was established to give businesses an incentive to support capital investment, job creation and improve the overall standard of living for Illinois residents.
The tax credits are available to qualifying companies. The tax credit is equal to a percent of the state income taxes withheld from the salaries of full-time employees in newly created jobs within the state. Tax credit amounts are calculated on a case-by-case basis. These non-refundable credits can be used against corporate income taxes to be paid.
Businesses must apply for this credit, like applying for a grant. Although the program has undergone some changes since 2017, it has been extended through June 30, 2022.
KRD partner, Jon Segal, explains how businesses, small and large, can benefit from this credit.
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