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94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006
SB1092
Introduced 2/18/2005, by Sen. John O. Jones SYNOPSIS AS INTRODUCED:
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Amends the Economic Development for a Growing Economy Tax Credit Act. Makes a
technical change in a Section concerning the purpose of the Act.
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A BILL FOR
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SB1092 |
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LRB094 11106 BDD 41729 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 5-3 as follows:
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| (35 ILCS 10/5-3)
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| Sec. 5-3. Purpose. The
The General Assembly finds that the |
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| Illinois economy,
although currently strong, is
still highly |
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| vulnerable to other states and nations that have major |
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| financial
incentive programs for medium-sized and large firm |
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| relocations. Because of the
incentive programs of these
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| competitor locations, Illinois
must move aggressively with new |
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| business development investment tools so that
Illinois is more
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| competitive in site location decision-making. The State must |
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| not only continue
to work with firms to help
them locate their |
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| new plants and facilities in Illinois but also must provide
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| competitive investment location
tax credits in support of the |
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| location and expansion of medium-sized and large
operations of |
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| commerce
and industry. In an increasingly global economy, |
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| Illinois' long-term
development would benefit from
rational, |
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| strategic use of State resources in support of business |
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| development
and growth. |
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| (Source: P.A. 91-476, eff. 8-11-99.)
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