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Illinois corporate tax breaks signed into law

7:28 PM, Jul 6, 2012   |    comments
Gov. Pat Quinn. (Photo by Frank Polich/Getty Images)
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CHICAGO (AP) - Illinois Gov. Pat Quinn signed legislation requiring the publicizing of details of corporate tax breaks as soon as they're completed.

The legislation Quinn signed Friday is a watered-down version of a bill sponsored by Rep. Jack Franks, a Marengo Democrat and critic of tax breaks.

Franks' original bill included a requirement that a committee of experts would review any tax-break deals, but that provision was deleted to improve its chances.

Franks on Friday called the legislation "a good start" to bringing transparency to the process of corporate tax credits.

Franks said he wants to "revamp entire process" to make sure the tax credits are getting the intended results; Illinois jobs. He called the $100 million tax credit given last year to Motorola Mobility, subsequently bought by Google, as particularly egregious.

(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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