Discusses Agenda to Support Business Development and Expansion
SPRINGFIELD - Governor Pat Quinn today addressed the Illinois Retail Merchants and Illinois Manufacturers Association's annual Business Day meeting and discussed his strong record of support for businesses in Illinois. Governor Quinn's initiatives have made Illinois a better place to do business and proposals he unveiled in his State of the State and Budget Addresses will continue to strengthen Illinois' economic comeback.
"Illinois is making a comeback and we're not stopping now," Governor Quinn said. "Our business owners are the economic engine of the Midwest. By cutting taxes for companies that train their workers and helping entrepreneurs get started, we are giving businesses the tools they need to create jobs and drive our economy forward."
Governor Quinn has worked to rebuild the Illinois economy. The state was recently ranked third in the nation for new corporate locations and expansions by Site Selection magazine. Illinois' unemployment rate is currently at its lowest point in five years, and the state has added 257,000 private sector jobs since January 2010.
Last month, President Barack Obama announced that Illinois had won a new digital manufacturing hub, supported by the federal government and corporate partners. The Governor personally petitioned the United States Secretary of Defense twice and made the case to key White House officials about the benefits and importance of Digital Manufacturing and Design Innovation (DMDI) Institute. The institute will apply the newest technologies to help manufacturers try and use new innovations in digital manufacturing and design, with an emphasis on defense manufacturers.
Under Governor Quinn, small businesses across Illinois have helped drive our economic recovery. Illinois' tourism industry is breaking records - more than 100 million visitors for the first time ever and $33.5 billion in spending in local economies across the state. Illinois' film industry has also set new records, generating over $350 million in economic activity. In 2012, a new digital company was launched in Chicago every 24 hours.
Since taking office, Governor Quinn has fought to make historic and fundamental reforms to improve Illinois' business climate. In 2011 he worked with the General Assembly to enact historic workers' compensation reform that is allowing Illinois businesses to save hundreds of millions of dollars. The Governor continued that progress last year by signing historic legislation that addresses the most critical fiscal challenge in Illinois by reforming the state's pension systems. This comprehensive pension reform solution will eliminate the state's unfunded liability and fully fund the pension systems.
To keep the progress going, Governor Quinn is proposing a new tax cut for businesses that provide job training. By lowering the cost to train workers, this tax cut will make it easier for businesses to create new jobs and ensure workers have the skills to drive a 21st century economy.
The Governor is also proposing to reduce the fee to establish a Limited Liability Corporation (LLC) by more than 90 percent, from $500 to $39 - the lowest in the nation. Formation as an LLC encourages entrepreneurs to invest their time and money into viable business enterprises. Reducing the filing fee to $39 would make it easier for small business to start and grow in Illinois.
Governor Quinn is also proposing a bipartisan working group to develop a new capital construction plan for the next five years. This would build on the success of the Illinois Jobs Now! program that has supported more than 400,000 jobs and built and repaired 7,731 miles of road, 1,330 bridges and 1,048 schools. These projects strengthen and improve infrastructure to provide better access and support for local businesses, and they employ thousands of workers from local construction companies, who also spend their hard-earned salaries locally.
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