Illinois House passes tax credit bill to draw Univar headquarters to Downers Grove
DOWNERS GROVE – The Illinois House of Representatives passed a bill Wednesday giving a tax credit to chemical distribution company Univar to relocate its headquarters to the Downers Grove area.
The company is currently headquartered in Washington state.
"Moving their headquarters to Downers Grove means 69 new immediate jobs, the retention of 100 jobs currently in Illinois and the addition of 400 jobs in the future as Univar makes capital investments to expand their business," Rep. Patty Bellock (R-Hinsdale) said in a statement. "This is exciting news for our area as we continue to focus efforts on attracting private-sector job growth for local families.”
Bellock co-sponsored the bill, which was approved by the House on Wednesday by a vote of 86-28 with one member voting present. The bill now goes to the governor for signature after a concurrence vote in the State Senate.
The value of the tax credit for Univar is estimated to be $4.86 million over 10 years, according to Joshua Wessell, spokesman for Illinois House Minority Leader Jim Durkin.
The deal is part of the Illinois' Economic Development For a Growing Economy Tax Credit Program. Univar will claim income tax credits against the withholding tax it pays the state, according to Wessell.
He said the tax revenue generated from new jobs being created as part of Univar’s relocation and future expansion is anticipated to exceed the amount of the tax credit to the company.