HB4285 Engrossed

LRB093 16237 SJM 41871 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 5-20 as follows:
 



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    (35 ILCS 10/5-20)



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    Sec. 5-20. Application for a  project to create and retain 
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new jobs. 

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    (a) Any Taxpayer proposing a project located or planned to 
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be located in
Illinois may request consideration
for 
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designation of its project, by formal written letter of request 
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or by
formal application to the Department,
in which the 
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Applicant states its intent to make at least a specified level 
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of
investment and
intends to hire or retain a
specified number 
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of full-time employees at a designated location in Illinois.
As

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circumstances require, the
Department may require a formal 
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application from an Applicant and a formal
letter of request 
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for
assistance.

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    (b) In order to qualify for Credits under this Act, an 
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Applicant's project
must:


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        (1) involve an investment of at least $5,000,000 in 
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capital improvements
to be placed in service and to employ 
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at least 25 New Employees within the
State as a direct 
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result of the project; or


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        (2) involve an investment of at least an amount (to be 
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expressly specified
by the Department and the Committee) in 
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capital improvements to be placed in
service and will 
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employ at least an amount (to be expressly specified by the

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Department and the Committee) of New Employees
within the 
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State, provided that the Department and the Committee have

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determined that the project will provide a substantial 
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economic benefit to the
State; or .
 


 






HB4285 Engrossed
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LRB093 16237 SJM 41871 b




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        (3) if the applicant has 100 or fewer employees, 
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involve an investment of at least $1,000,000 in capital 
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improvements to be placed in service and to employ at least 
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5 New Employees within the State as a direct result of the 
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project.


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    (c) After receipt of an application, the Department may 
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enter into an
Agreement with the Applicant if the
application 
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is accepted in accordance with Section 5-25.

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(Source: P.A. 91-476, eff. 8-11-99.)