Public Act 093-0882
 
HB4285 Enrolled LRB093 16237 SJM 41871 b

    AN ACT concerning economic development.
 
    Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
 
    Section 5. The Economic Development for a Growing Economy
Tax Credit Act is amended by changing Section 5-20 as follows:
 
    (35 ILCS 10/5-20)
    Sec. 5-20. Application for a project to create and retain
new jobs.
    (a) Any Taxpayer proposing a project located or planned to
be located in Illinois may request consideration for
designation of its project, by formal written letter of request
or by formal application to the Department, in which the
Applicant states its intent to make at least a specified level
of investment and intends to hire or retain a specified number
of full-time employees at a designated location in Illinois. As
circumstances require, the Department may require a formal
application from an Applicant and a formal letter of request
for assistance.
    (b) In order to qualify for Credits under this Act, an
Applicant's project must:
        (1) involve an investment of at least $5,000,000 in
    capital improvements to be placed in service and to employ
    at least 25 New Employees within the State as a direct
    result of the project; or
        (2) involve an investment of at least an amount (to be
    expressly specified by the Department and the Committee) in
    capital improvements to be placed in service and will
    employ at least an amount (to be expressly specified by the
    Department and the Committee) of New Employees within the
    State, provided that the Department and the Committee have
    determined that the project will provide a substantial
    economic benefit to the State; or .
        (3) if the applicant has 100 or fewer employees,
    involve an investment of at least $1,000,000 in capital
    improvements to be placed in service and to employ at least
    5 New Employees within the State as a direct result of the
    project.
    (c) After receipt of an application, the Department may
enter into an Agreement with the Applicant if the application
is accepted in accordance with Section 5-25.
(Source: P.A. 91-476, eff. 8-11-99.)