|
|
|
|
94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006
HB3051
Introduced 2/22/2005, by Rep. Tom Cross SYNOPSIS AS INTRODUCED:
|
|
|
|
Amends the Economic Development for a Growing Economy Tax Credit Act. Makes a
technical change in a Section concerning the purpose of the Act.
|
| |
|
|
|
|
A BILL FOR
|
|
|
|
|
HB3051 |
|
LRB094 08026 BDD 38209 b |
|
|
| 1 |
| AN ACT concerning revenue.
|
| 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 5-3 as follows:
|
| 6 |
| (35 ILCS 10/5-3)
|
| 7 |
| Sec. 5-3. Purpose. The
The General Assembly finds that the |
| 8 |
| Illinois economy,
although currently strong, is
still highly |
| 9 |
| vulnerable to other states and nations that have major |
| 10 |
| financial
incentive programs for medium-sized and large firm |
| 11 |
| relocations. Because of the
incentive programs of these
|
| 12 |
| competitor locations, Illinois
must move aggressively with new |
| 13 |
| business development investment tools so that
Illinois is more
|
| 14 |
| competitive in site location decision-making. The State must |
| 15 |
| not only continue
to work with firms to help
them locate their |
| 16 |
| new plants and facilities in Illinois but also must provide
|
| 17 |
| competitive investment location
tax credits in support of the |
| 18 |
| location and expansion of medium-sized and large
operations of |
| 19 |
| commerce
and industry. In an increasingly global economy, |
| 20 |
| Illinois' long-term
development would benefit from
rational, |
| 21 |
| strategic use of State resources in support of business |
| 22 |
| development
and growth. |
| 23 |
| (Source: P.A. 91-476, eff. 8-11-99.)
|