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

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 5-20 as follows:
 
6     (35 ILCS 10/5-20)
7     Sec. 5-20. Application for a project to create and retain
8 new jobs.
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
16 circumstances require, the Department may require a formal
17 application from an Applicant and a formal letter of request
18 for assistance.
19     (b) In order to qualify for Credits under this Act, an
20 Applicant's project must:
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;
25         (2) involve an investment of at least an amount (to be
26     expressly specified by the Department and the Committee) in
27     capital improvements to be placed in service and will
28     employ at least an amount (to be expressly specified by the
29     Department and the Committee) of New Employees within the
30     State, provided that the Department and the Committee have
31     determined that the project will provide a substantial
32     economic benefit to the State; or

 

 

SB0615 - 2 - LRB094 04267 MKM 34292 b

1         (3) if the applicant has 100 or fewer employees,
2     involve an investment of at least $1,000,000 in capital
3     improvements to be placed in service and to employ at least
4     5 New Employees within the State as a direct result of the
5     project; or
6         (4) if the applicant has 100 or fewer employees and is
7     located or will locate in a county for which the annual
8     unemployment rate was at least 1% higher than the average
9     annual statewide unemployment rate during the most recent
10     year for which those statistics are available from the
11     Department of Employment Security, involve an investment
12     of at least $500,000 in capital improvements to be placed
13     in service and employ at least 2 New Employees within the
14     State as a result of the project.
15     (c) After receipt of an application, the Department may
16 enter into an Agreement with the Applicant if the application
17 is accepted in accordance with Section 5-25.
18 (Source: P.A. 93-882, eff. 1-1-05.)
 
19     Section 99. Effective date. This Act takes effect upon
20 becoming law.