Rep. Robin Kelly
Filed: 3/30/2004
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1 | AMENDMENT TO HOUSE BILL 4285
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2 | AMENDMENT NO. ______. Amend House Bill 4285 by replacing | ||||||
3 | everything after the enacting clause with the following:
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4 | "Section 5. The Economic Development for a Growing Economy | ||||||
5 | Tax Credit Act is amended by changing Section 5-20 as follows:
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6 | (35 ILCS 10/5-20)
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7 | Sec. 5-20. Application for a project to create and retain | ||||||
8 | new jobs.
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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
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16 | circumstances require, the
Department may require a formal | ||||||
17 | application from an Applicant and a formal
letter of request | ||||||
18 | for
assistance.
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19 | (b) In order to qualify for Credits under this Act, an | ||||||
20 | Applicant's project
must:
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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
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1 | (2) involve an investment of at least an amount (to be | ||||||
2 | expressly specified
by the Department and the Committee) in | ||||||
3 | capital improvements to be placed in
service and will | ||||||
4 | employ at least an amount (to be expressly specified by the
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5 | Department and the Committee) of New Employees
within the | ||||||
6 | State, provided that the Department and the Committee have
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7 | determined that the project will provide a substantial | ||||||
8 | economic benefit to the
State ; or . | ||||||
9 | (3) if the applicant has 100 or fewer employees, | ||||||
10 | involve an investment of at least $1,000,000 in capital | ||||||
11 | improvements to be placed in service and to employ at least | ||||||
12 | 5 New Employees within the State as a direct result of the | ||||||
13 | project.
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14 | (c) After receipt of an application, the Department may | ||||||
15 | enter into an
Agreement with the Applicant if the
application | ||||||
16 | is accepted in accordance with Section 5-25.
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17 | (Source: P.A. 91-476, eff. 8-11-99.)".
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