State Rescinds CAMCO Grants; Asking for Refund

As the federal government prepares to force CAMCO to refund millions to consumers, the state (of Illinois) said it is rescinding the company’s multimillion-dollar tax incentive package and asking for a refund of $575,000 in grants.

The state was scheduled to give Capital Acquisitions and Management Co. $3.7 million in tax credits during the next decade, with the first payment coming at the end of this year. That money was contingent on the company creating at least 300 jobs and $2.5 million in private investment by the end of December, and, at minimum, maintaining those numbers for each of the next nine years.

Because CAMCO is no longer in operation and not employing workers, it is in violation of its grant agreement with the state, according to Andrew Ross, spokesman for the Department of Commerce and Economic Opportunity.

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