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| | 102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022
HB3335 Introduced 2/22/2021, by Rep. Jeff Keicher SYNOPSIS AS INTRODUCED:
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| 20 ILCS 605/605-1055 new | |
35 ILCS 10/5-20 |
| 35 ILCS 10/5-21 new | |
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Amends the Economic Development for a Growing Economy Tax Credit Act. Provides that the credit is transferable. Amends the Department of Commerce and Economic Opportunity Law of the
Civil Administrative Code of Illinois. Provides that the Department of Commerce and Economic Opportunity shall conduct a study on the advantages, disadvantages, and feasibility of making each tax credit in the State transferable and shall report its findings to the Governor and the General Assembly no later than December 31, 2022. Effective immediately.
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| | | FISCAL NOTE ACT MAY APPLY | |
| | A BILL FOR |
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| | HB3335 | | LRB102 14975 HLH 20330 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,
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| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Department of Commerce and Economic |
| 5 | | Opportunity Law of the
Civil Administrative Code of Illinois |
| 6 | | is amended by adding Section 605-1055 as follows:
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| 7 | | (20 ILCS 605/605-1055 new) |
| 8 | | Sec. 605-1055. Study of tax credit transferability. The |
| 9 | | Department shall conduct a study on the advantages, |
| 10 | | disadvantages, and feasibility of making each tax credit in |
| 11 | | the State transferable and shall report its findings to the |
| 12 | | Governor and the General Assembly no later than December 31, |
| 13 | | 2022. The Department of Revenue shall cooperate with DCEO in |
| 14 | | the preparation of this study. |
| 15 | | This Section is repealed on January 1, 2024.
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| 16 | | Section 10. The Economic Development for a Growing Economy |
| 17 | | Tax Credit Act is amended by changing Section 5-20 and by |
| 18 | | adding Section 5-21 follows:
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| 19 | | (35 ILCS 10/5-20)
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| 20 | | Sec. 5-20. Application for a project to create and retain |
| 21 | | new jobs.
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| | HB3335 | - 2 - | LRB102 14975 HLH 20330 b |
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| 1 | | (a) Any Taxpayer proposing a project located or planned to |
| 2 | | be located in
Illinois may request consideration
for |
| 3 | | designation of its project, by formal written letter of |
| 4 | | request or by
formal application to the Department,
in which |
| 5 | | the Applicant states its intent to make at least a specified |
| 6 | | level of
investment and
intends to hire or retain a
specified |
| 7 | | number of full-time employees at a designated location in |
| 8 | | Illinois.
As
circumstances require, the
Department may require |
| 9 | | a formal application from an Applicant and a formal
letter of |
| 10 | | request for
assistance.
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| 11 | | (b) In order to qualify for Credits under this Act, an |
| 12 | | Applicant's project
must:
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| 13 | | (1) if the Applicant has more than 100 employees, |
| 14 | | involve an investment of at least $2,500,000 in capital |
| 15 | | improvements
to be placed in service within the
State as a |
| 16 | | direct result of the project; if the Applicant has 100 or |
| 17 | | fewer employees, then there is no capital investment |
| 18 | | requirement;
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| 19 | | (1.5) if the Applicant has more than 100 employees, |
| 20 | | employ a number of new employees in the State equal to the |
| 21 | | lesser of (A) 10% of the number of full-time employees |
| 22 | | employed by the applicant world-wide on the date the |
| 23 | | application is filed with the Department or (B) 50 New |
| 24 | | Employees; and, if the Applicant has 100 or fewer |
| 25 | | employees, employ a number of new employees in the State |
| 26 | | equal to the lesser of (A) 5% of the number of full-time |
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| | HB3335 | - 3 - | LRB102 14975 HLH 20330 b |
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| 1 | | employees employed by the applicant world-wide on the date |
| 2 | | the application is filed with the Department or (B) 50 New |
| 3 | | Employees; |
| 4 | | (2) (blank); |
| 5 | | (3) (blank);
and
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| 6 | | (4) include an annual sexual harassment policy report |
| 7 | | as provided under Section 5-58. |
| 8 | | (c) After receipt of an application, the Department may |
| 9 | | enter into an
Agreement with the Applicant if the
application |
| 10 | | is accepted in accordance with Section 5-25.
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| 11 | | (d) Upon satisfactory review of the application, the |
| 12 | | Department shall issue a Tax Credit Certificate stating the |
| 13 | | amount of the tax credit to which the applicant is entitled. |
| 14 | | (Source: P.A. 100-511, eff. 9-18-17; 100-698, eff. 1-1-19; |
| 15 | | 101-81, eff. 7-12-19.)
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| 16 | | (35 ILCS 10/5-21 new) |
| 17 | | Sec. 5-21. Transfer of credits. A transfer of a Credit |
| 18 | | awarded under this Act may be made by the taxpayer earning the |
| 19 | | credit within one year after the Credit is awarded in |
| 20 | | accordance with rules adopted by the Department of Commerce |
| 21 | | and Economic Opportunity.
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| 22 | | Section 99. Effective date. This Act takes effect upon |
| 23 | | becoming law.
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