Franks wants tax break review panel

SPRINGFIELD – State Rep. Jack Franks wants to create a committee to review tax breaks given to companies by the state Department of Commerce and Economic Opportunity before the incentives take effect.

Franks, D-Marengo, filed a bill this week that would create a five-member committee within the state Department of Revenue to sign off on deals that provide corporate incentives through the EDGE tax credit program.

A package of perks signed into law last week by Gov. Pat Quinn included $15 million in EDGE credits for Sears after the retailer threatened to leave Illinois. The state earlier this year gave Motorola Mobility more than $100 million in tax breaks.

Franks said the committee would help make public what is now a secret process.