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| | 97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
SB0477 Introduced 2/8/2011, by Sen. John J. Cullerton 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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| | SB0477 | | LRB097 04223 HLH 44262 b |
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| 1 | | AN ACT concerning revenue.
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| 2 | | Be it enacted by the People of the State of Illinois, |
| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Economic Development for a Growing Economy |
| 5 | | Tax Credit Act is amended by changing Section 5-3 as follows:
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| 6 | | (35 ILCS 10/5-3)
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| 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
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| 12 | | competitor locations, Illinois
must move aggressively with new |
| 13 | | business development investment tools so that
Illinois is more
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| 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
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| 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.)
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