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Synopsis As Introduced Amends the Department of Revenue Law of the Civil Administrative Code of Illinois. Creates the Economic Incentive Committee within the Department for the purpose of approving Agreements entered into under the Economic Development for a Growing Economy Tax Credit Act. Sets forth the membership of the Committee. Provides that the Department of Revenue shall post the terms of each Agreement entered into under the Economic Development for a Growing Economy Tax Credit Act on its website. Amends the Economic Development for a Growing Economy Tax Credit Act to provide that each Agreement is subject to final approval by the Economic Incentive Committee. Effective July 1, 2012.
Replaces everything after the enacting clause. Reinserts the provisions of the introduced bill with changes. Provides that the Committee shall approve or deny each EDGE Agreement within 5 days (instead of 60 days) after the Agreement is submitted to the Committee. Provides that the members of the Committee shall be appointed by the Governor with the advice and consent of the Senate (in the introduced bill, one member is appointed by the Governor and one member is appointed by each of the legislative leaders). Effective July 1, 2012.
Replaces everything after the enacting clause. Amends the Economic Development for a Growing Economy Tax Credit Act. Requires the Department of Commerce and Economic Opportunity to post on its website the terms of each Agreement entered into under the Act on or after the effective date of the amendatory Act. Effective immediately.
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