State Senator Don DeWitte (R-St. Charles) stood with the Illinois Manufacturing Association (IMA) and a bipartisan coalition of lawmakers on Wednesday as IMA unveiled a 2024 legislative agenda that aims to strengthen Illinois’ workforce, advance cutting-edge technology, and assist with the state’s clean energy goals.
“There are tens of thousands of open technology jobs in the State of Illinois right now, and legislators need to create a pathway that entices students and adults into this vital field,” said DeWitte. “This package of bills addresses the issue from several angles, including helping with student loan repayment, a scholarship program for high school students, research and development tax credits, and a pilot program that offers free childcare on-site at manufacturing facilities.”
Within the IMA package of bills, DeWitte is the Chief Sponsor of Senate Bill 163, which would make a temporary Research & Development Tax Credit permanent. The R & D credit has been in place since 1986 and has never been modernized.
“The R & D credit sunsets every five years, which creates a level of uncertainty and a lack of predictability,” said DeWitte. “We need a permanent- or at least a long-term- extension and modernization of the program to ensure we are fostering the most innovative ideas in our state.”
According to DeWitte, in the past few decades the U.S. share of R & D has dropped from nearly 40 percent to just more than 10 percent. This has occurred while China has increased its R & D by 400 percent.
“This is about competitiveness, business attraction, and building our state’s economy,” added DeWitte. “The Governor has been given close to $1 billion for a “business closure fund” in order to attract new business investment in our state. However, we must do more for businesses that have already invested in our state to give them incentives to stay in Illinois and grow their businesses through these IMA programs.”