94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006
SB0615


 
Introduced 2/18/2005, by Sen. Gary Forby
 
SYNOPSIS AS INTRODUCED:
 		














35 ILCS 10/5-20









    Amends the Economic Development for a Growing Economy Tax Credit Act. Provides that an Applicant may qualify for tax credits if the Applicant has 100 or fewer employees and is located or will locate in a county for which the annual unemployment rate was at least 1% higher than the average annual statewide unemployment rate during the most recent year for which those statistics are available from the Department of Employment Security, the project will involve an investment of at least $500,000 in capital improvements to be placed in service, and the project will employ at least 2 New Employees within the State as a direct result of the project. Effective immediately.
















LRB094 04267 MKM 34292 b

















FISCAL NOTE ACT MAY APPLY
















 


 


A BILL FOR









 











SB0615

LRB094 04267 MKM 34292 b






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    AN ACT concerning revenue.

 
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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;


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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
 


 






SB0615
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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; or

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        (4) if the applicant has 100 or fewer employees and is 
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    located or will locate in a county for which the annual 
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    unemployment rate was at least 1% higher than the average 
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    annual statewide unemployment rate during the most recent 
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    year for which those statistics are available from the 
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    Department of Employment Security, involve an investment 
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    of at least $500,000 in capital improvements to be placed 
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    in service and employ at least 2 New Employees within the 
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    State as a result of the 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. 93-882, eff. 1-1-05.)

 

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    Section 99. Effective date. This Act takes effect upon 
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becoming law.