SPRINGFIELD, IL (KFVS) - Legislation has been passed in the Illinois House of Representatives to help Continental General Tire of Mt. Vernon to add 350 full-time jobs.
The legislation sponsored by Rep. John Bradley (D-Marion) extends eligibility for an important economic development and retention incentive for the company, according to Bradley.
"General Tire is a vital player in growing Southern Illinois' economy and this legislation will help make sure that an incentive used by major businesses in other parts of the state can also by beneficial to a company that has invested in our region," said Bradley.
Bradley adds, "In this day and age, it's a rarity to find a company that is willing to add people to the payroll, so it's important that the state of Ill. recognize this commitment and find a fiscally responsible way to bring it to fruition."
Senate Bill 4 would allow General Tire to be eligible to participate in the Economic Development for a Growing Economy (EDGE) Tax Credit Program.
Under this program, companies which are in the process of expanding or creating new jobs can receive tax credits equal to the amount of state income taxes withheld from the salaries of employees in newly created jobs.