This morning, the Illinois General Assembly's House Revenue and Finance Committee was at work bright and early, unanimously approving renewal of the Illinois Affordable Housing Tax Credit program (HB 6038), which supports dozens of Illinois employers who are providing employer-assisted housing benefits (EAH) to help their workers afford homes near work.
The program provides a 50-cent credit on state income tax liability for every $1 an employer invests in an EAH program. We strongly support this renewal because EAH is a program that pays off -- a common theme of MPC's 2010 Springfield agenda, as the state continues to face severe fiscal constraints. Our focus has been on legislation that not only is relatively inexpensive or free, but also -- like EAH -- generates economic benefits and private investments.
As recent data shows, EAH programs help workers shorten their commutes and reduce their transportation costs. Perhaps even more important to policy makers, employers with EAH programs often become strong advocates for local, state and national housing solutions for working families.
Renewing the tax credit demonstrates that the State of Illinois is committed to partnering with the private sector to help our workforce live near work. Thanks to Rep. Art Turner (D-Chicago), who is carrying the bill in the House, and here's hoping for more positive news from the House by the end of this week!
