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McHenry County EDC
The Insider Newsletter
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EDC Welcomes Ambassador - EDC President Pam Cumpata joined in welcoming the Ambassador from Japan, Ichiro Fujisaki, and the Ambassador of the Kingdom of Thailand, Don Pramudwinai to McHenry County. Nissan ForkLift of Marengo was the host company. Other participants included Congressman Don Manzullo, (who arranged the event), State Representative Jack Franks, McHenry County Chairman of the Board Ken Koehler, Marengo Mayor Don Lockart and executive staff from Nissan Forklift.. Pam highlighted the uniqueness of McHenry County, the focus on collaboration and our positive business climate.
Manufacturing & Legislative Exchange - The EDC Investor Panel of Scott Brown - Sage Products, Chris Metz - WM Plastics, Blake Hobson - Image Industries and Vickie Dellececca - DuraMark Laser Etching, provided a window into their secrets of success. The Manufacturing & Legislative Exchange held on April 8th featured several panels covering resources, utilities, legislation as well as the CEO panel. The bsuiness leaders leaders shared their strategies for weathering the economic storm. (Video highlights of this thought provoking panel are in production now and will be available shortly.) State Senator Pam Althoff and State Representative Mark Beaubien and Mike Tryon wrapped up the event and shared information on the budget and other legislation of interest to the business community. (Video on this panel will also be available.)
2010 Illinois Legislative Issue - Telecommunications Modernization - President Pam Cumpata spoke in Springfield on Wednesday, April 14th, 2010 to urge the General Assembly to pass a modern telecom law which will help create jobs and spur economic growth. Most consumers and businesses communicate through the newer technologies of wireless and broadband, but Illinois' telecom law still focuses on old copper wirelines. This law was written in 1985 and last addressed in 2001. It is now very out of date. Many of our neighboring states have already taken steps to modernize their laws to attract new jobs and investment. If we are to remain competitive, Illinois must adopt a more modern policy that reflects the new technologies businesses and consumers use today.
Foreign Trade Zones - EDC has been working collaboratively to expand awareness and access to Foreign Trade Zone status for McHenry County. Currently, a portion of the county is in FTZ Zone 176 which is based out of the Greater Rockford Airport Authority. EDC is working with the IL International Port District to expand coverage of the FTZ Zone 22 to include the remaining portions of McHenry County. If your company has an interest in the benefits of an FTZ, please give us a call. We will post updates on the status of our FTZ project on our website as they develop.
llinois Small Business Job Creation Tax Credit Bill 1578 has been signed. This bill offers a one year credit that was designed to help create up to 20,000 jobs. It provides for a $2,500 tax credit (that can be carried forward) on withholding tax for employers with 50 or fewer total employees who hire new, full-time Illinois employees during the 12-month period beginning July 1, 2010. The credit is available to qualifying employers for each new, full-time Illinois job created and sustained for at least one year. It will have a cap of $50 million on the total amount of credits issued. To qualify, a job must pay at least $25,000 per year. Eligible companies will apply for the credit online and ultimately will be issued a tax credit certificate.
- Application for the credit may be made as soon as a new, full-time Illinois employee is hired and begins providing services.
- Carry forward credits will be issued for each new position, up to a maximum cumulative amount of $50 million, on a first-come-first-served basis determined by date of application.
- The credits will be issued beginning July 1, 2011.
- The determination of whether an employer has 50 or fewer employees on June 30, 2010 will include all employees in every location, which includes both in Illinois and out of state employment totals.
- Employer subsidiaries created for purposes of benefiting from the credit will not qualify for the credit under aggregation rules; related businesses will be treated as one business for purposes of determining whether an employer has 50 or fewer employees.
- Eligibility for the credit does not require that a particular individual employee be retained for one year, only that a new, full-time Illinois job be created and sustained for one year.
- New small businesses hiring their first Illinois employee(s) may qualify for the credit.
- The credit may be claimed for an hourly employee working an average of at least 35 hours per week or for a full-time salaried employee, but not for a partner or an independent contractor.
- Tax credits granted will not change the recognition of withholding tax paid for either employer or employee. Thanks to IL DCEO for the above information.
Congratulations to McHenry County Division of Transportation's (MCDOT) Maintenance Superintendent, R. Mark DeVries, who has been designated one of the Top Ten Public Works Leaders of the Year. Mark has previously won awards at the Branch, Chapter and National levels. McHenry County is well known throughout public works for its efforts in the snow and ice removal, environmental best practices and its innovations. Mark has led that effort and the MCDOT was awarded the local, chapter and national award for technical innovation for its blending system which has been duplicated across the world.
Mark, MCDOT, public works agencies and the citizens of McHenry County are the benefactors of this success. The MCDOT is looked at as a model in public works and Mark as a leader in the industry. Hat's off to Mark on again raising the visibility of McHenry County in such a positive way.
SAVE THE DATE - Friday, August 13th, 2010 - Annual McHenry County EDC Legislative Breakfast - Woodstock North High School - 7:30 to 9:00 AM. Please register on our website at: http://www.mchenrycountyedc.com/event-calendar/online-event-registration.html
RSS FEEDS AVAILABLE For EDC News! An RSS feed is an easy way to have EDC News update automatically sent to you. Click on the orange icon on our home page "Click to Subscribe to RSS Updates!  EDC News" and updates will automatically be sent to you.
BUSINESS OPPORTUNITY - Product Development, Patent Protection & Strategic Licensing Program - Thursday, May 20th, 2010 - Home State Bank, Community Room, 611 S. Main St. Crystal Lake 7:45 AM to 9:30 AM This program is presented by Stephen Scherrer, President of Scherrer Patent & Trademark Law, Keith Adams, Founder, Frontpoint Services and Alison Harkins, President Harkins Law Group. Reservations are requested at rsvp@scherrerpatentlaw.com, however there is no cost to participate. The interactive program will discuss the advantages of obtaining patent protection for your product and innovations, how to make the most of licensing your technology, and technology licensing stratetgies. The discussion will include highlights of legal issues surrounding obtaining patent protection, strategies of intellectual property licensing, typical contract issues surrounding the licensing of technology and how to utilize these strategies in maximizing the value of your intellectual property.
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McHenry County EDC, 5435 Bull Valley Rd., Suite 324, McHenry, IL 60050 815.363.0444
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