SPRINGFIELD – The Illinois Manufacturers’ Association (IMA) Friday released the following statement after the Illinois General Assembly approved SB1911 to decouple from federal tax policies, including a provision that allows for 100 percent depreciation on equipment, buildings and other qualifying property vital to production operations:
“This measure deprives Illinois manufacturers of important tax benefits that allow businesses to upgrade equipment, expand facilities and grow jobs. It represents yet another blow to our state’s manufacturing industry, delivered just hours after the General Assembly approved a massive electric rate hike on businesses and consumers alike,” said Mark Denzler, President & CEO of the Illinois Manufacturers’ Association. “Instead of seeking ways to strengthen the manufacturing sector, Illinois continues to advance policies that hamper economic development efforts and put our state at a competitive disadvantage.”
About the Illinois Manufacturers’ Association (IMA)
The Illinois Manufacturers’ Association is the only statewide association dedicated exclusively to advocating, promoting, and strengthening the manufacturing sector in Illinois. The IMA is the oldest and largest state manufacturing trade association in the United States, representing nearly 4,000 companies and facilities. For more information, please visit http://ima-net.org/