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| | 102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022
HB1503 Introduced 2/17/2021, by Rep. Emanuel Chris Welch 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 amount of the
credit.
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| | A BILL FOR |
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| | HB1503 | | LRB102 03519 HLH 13532 b |
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| 1 | | AN ACT concerning revenue.
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| 2 | | Be it enacted by the People of the State of Illinois, |
| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Economic Development for a Growing Economy |
| 5 | | Tax Credit Act is amended by changing Section 5-40 as follows:
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| 6 | | (35 ILCS 10/5-40)
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| 7 | | Sec. 5-40. Determination of Amount of the Credit. In |
| 8 | | determining the
the
amount of the Credit that should be |
| 9 | | awarded, the Committee shall provide
guidance on, and the
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| 10 | | Department shall take into consideration, the
following |
| 11 | | factors:
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| 12 | | (1) The number and location of jobs created and |
| 13 | | retained in relation to
the economy of the county where |
| 14 | | the projected investment is to
occur.
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| 15 | | (2) The potential impact on the economy of Illinois.
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| 16 | | (3) The magnitude of the cost differential between |
| 17 | | Illinois and the
competing state.
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| 18 | | (4) The incremental payroll attributable to the |
| 19 | | project.
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| 20 | | (5) The capital investment attributable to the |
| 21 | | project.
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| 22 | | (6) The amount of the average wage and benefits paid |
| 23 | | by the Applicant in
relation to the wage and benefits of |