Three Illinois companies set to receive EDGE tax credits
Three companies will get EDGE tax credits for creating new jobs and making investments in Illinois, according to an announcement from The Illinois Department of Commerce.
The three companies -- Fabrik Industries Inc., Bell Flavors & Fragrances Inc., and Taurus Die Casting LLC -- will receive tax credits for making $27 million in capital investments and creating 87 jobs.
The three companies were lauded for staying in Illinois after they considered moving to another state. They chose to stay in Illinois while growing their businesses because of the great workforce and incentive packages received from the state.
Gov. Bruce Rauner brought back the EDGE tax credits so companies can initiate growth strategies of investing and hiring. They will be eligible for tax credits under the agreement once their fiscal year 2016 budget has been approved. They will not a receive a credit for jobs they have already created, but instead for jobs that are created once the EDGE agreement has been signed.
Fabrik Industries is set to make $5 million in capital investments and generate 25 new jobs, in addition to purchasing new equipment and facilities. Bell Flavors & Fragrances is set to expand its location and give $10 million in capital investment, which should help make 25 jobs. Taurus Die Casting is set to add 37 jobs while investing $6.4 million in its production plant.
Organizations in this Story
500 E Monroe
Springfield, IL 62701