A bill that would provide more than $700,000 in tax incentives to Continental Tire the Americas has passed the Illinois Legislature and is waiting to be signed by the state’s governor.
The bill would aid CTA in expanding its Mt. Vernon, Ill., plant and creating 350 new jobs. It also requires the tiremaker to retain at least 2,400 employees in Illinois and make a capital investment of at least $200 million.
If passed, the bill will allow CTA to take advantage of the Illinois’ tax credit program, which is offered to companies looking to build new facilities in the state and used to retain companies on the verge of leaving for another state. The program has been used to keep other companies in Illinois, including Mitsubishi Motors North America, Navistar and Ford.