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93RD GENERAL ASSEMBLY
State of Illinois
2003 and 2004 HB5805
Introduced 2/6/2004, by Michael J. Madigan SYNOPSIS AS INTRODUCED: |
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Amends the Economic Development for a Growing Economy Tax Credit Act. Makes a
technical change in a Section concerning the purpose of the Act.
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A BILL FOR
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HB5805 |
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LRB093 16741 BDD 42392 b |
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| AN ACT concerning economic development.
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| Be it enacted by the People of the State of Illinois, |
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| represented in the General Assembly:
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| Section 5. The Economic Development for a Growing Economy |
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| Tax Credit Act is
amended by changing
Section 5-3 as follows:
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| (35 ILCS 10/5-3)
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| Sec. 5-3. Purpose. The General Assembly finds that the |
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| Illinois economy,
although currently strong, is
still highly |
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| vulnerable to other states and nations that have major |
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| financial
incentive programs for medium-sized and large firm |
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| relocations. Because of the
incentive programs of these
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| competitor locations, Illinois
must move aggressively with new |
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| business development investment tools so that
Illinois is more
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| competitive in site location decision-making. Illinois
The |
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| State must
not only continue
to work with firms to help
them |
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| locate their new plants and facilities in Illinois but also |
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| must provide
competitive investment location
tax credits in |
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| support of the location and expansion of medium-sized and large
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| operations of commerce
and industry. In an increasingly global |
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| economy, Illinois' long-term
development would benefit from
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| rational, strategic use of State resources in support of |
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| business development
and growth.
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| (Source: P.A. 91-476, eff. 8-11-99.)
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