95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008
SB2727

 

Introduced 2/15/2008, by Sen. Emil Jones, Jr.

 

SYNOPSIS AS INTRODUCED:
 
35 ILCS 10/5-40

    Amends the Economic Development for a Growing Economy Tax Credit Act. Makes a technical change in a Section concerning the amount of the credit.


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A BILL FOR

 

SB2727 LRB095 06033 BDD 26125 b

1     AN ACT concerning economic development.
 
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 5-40 as follows:
 
6     (35 ILCS 10/5-40)
7     Sec. 5-40. Determination of Amount of the Credit. In
8 determining the the amount of the Credit that should be
9 awarded, the Committee shall provide guidance on, and the
10 Department shall take into consideration, the following
11 factors:
12         (1) The number and location of jobs created and
13     retained in relation to the economy of the county where the
14     projected investment is to occur.
15         (2) The potential impact on the economy of Illinois.
16         (3) The magnitude of the cost differential between
17     Illinois and the competing state.
18         (4) The incremental payroll attributable to the
19     project.
20         (5) The capital investment attributable to the
21     project.
22         (6) The amount of the average wage and benefits paid by
23     the Applicant in relation to the wage and benefits of the

 

 

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1     area of the project.
2         (7) The costs to Illinois and the affected political
3     subdivisions with respect to the project.
4         (8) The financial assistance that is otherwise
5     provided by Illinois and the affected political
6     subdivisions.
7 (Source: P.A. 91-476, eff. 8-11-99.)