HB4285 Enrolled

LRB093 16237 SJM 41871 b






1
    AN ACT concerning economic development.

 
2
    Be it enacted by the People of the State of Illinois,
 
3
represented in the General Assembly:


 
4
    Section 5. The Economic Development for a Growing Economy 
5
Tax Credit Act is amended  by changing Section 5-20 as follows:
 



6
    (35 ILCS 10/5-20)



7
    Sec. 5-20. Application for a  project to create and retain 
8
new jobs. 

9
    (a) Any Taxpayer proposing a project located or planned to 
10
be located in
Illinois may request consideration
for 
11
designation of its project, by formal written letter of request 
12
or by
formal application to the Department,
in which the 
13
Applicant states its intent to make at least a specified level 
14
of
investment and
intends to hire or retain a
specified number 
15
of full-time employees at a designated location in Illinois.
As

16
circumstances require, the
Department may require a formal 
17
application from an Applicant and a formal
letter of request 
18
for
assistance.

19
    (b) In order to qualify for Credits under this Act, an 
20
Applicant's project
must:


21
        (1) involve an investment of at least $5,000,000 in 
22
    capital improvements
to be placed in service and to employ 
23
    at least 25 New Employees within the
State as a direct 
24
    result of the project; or


25
        (2) involve an investment of at least an amount (to be 
26
    expressly specified
by the Department and the Committee) in 
27
    capital improvements to be placed in
service and will 
28
    employ at least an amount (to be expressly specified by the

29
    Department and the Committee) of New Employees
within the 
30
    State, provided that the Department and the Committee have

31
    determined that the project will provide a substantial 
32
    economic benefit to the
State; or .
 


 






HB4285 Enrolled
- 2 -
LRB093 16237 SJM 41871 b




1
        (3) if the applicant has 100 or fewer employees, 
2
    involve an investment of at least $1,000,000 in capital 
3
    improvements to be placed in service and to employ at least 
4
    5 New Employees within the State as a direct result of the 
5
    project.


6
    (c) After receipt of an application, the Department may 
7
enter into an
Agreement with the Applicant if the
application 
8
is accepted in accordance with Section 5-25.

9
(Source: P.A. 91-476, eff. 8-11-99.)