MidAmerica Airport Improvements Discussed
Tax Breaks To Be Offered
BELLEVILLE, IL (August 23, 1999) -- A bill just signed into law by Gov. Ryan will give the Southwestern Illinois Development Authority (SWIDA) permission to establish an enterprise zone around MidAmerica Airport and offer tax breaks to companies that would move to the area and create jobs.
Ryan signed the bill this month. The bill was introduced by State Rep. Tom Holbroook (D-Belleville) and sponsored by State Sen. Frank Watson (R-Greenville).
"Encouraging economic growth and job creation is one of my top priorities," said Holbrook. "This bill and other efforts underway with the Governor and area leaders will help achieve that goal."
"Obviously, we've had some problems stirring up development around the airport," said Watson. "By establishing surrounding areas as an enterprise zone, businesses can take advantage of numerous incentives just for locating in that area."
Corporations who are located in the enterprise zones can take advantage of exemptions on sales taxes, machinery and equipment taxes and utility taxes. Tax credits are available for investments.
A $500 credit is offered on income taxes for each job created in the enterprise zone. Interest on bank loans used for development in an enterprise zone is exempt from state taxes.
"We have a significant investment at MidAmerica Airport from state, federal and local governments," Watson said. "We're trying to do everything we can to take advantage of any programs available, including enterprise zones, to develop that area."
SWIDA is an economic development agency for Madison and St. Clair counties, created by the Illinois General Assembly, that works cooperatively with local governments to promote development, new businesses and jobs in the MetroEast.
Information provided by the Belleville News-Democrat
Larry Ingram Staff Writer
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