Synopsis As Introduced Amends the Credit Agreements Act. Provides that specified provisions shall not constitute a defense to a claim that arises out of bad faith conduct intended to unjustly benefit a creditor or a third party. Provides that the mere failure by a creditor to enter into a credit agreement with or to provide a written commitment to a debtor, without more, shall not constitute bad faith under specified provisions. Provides for the legislative intent of the General Assembly and that certain provisions apply to pending actions as well as actions commenced on or after the effective date of the amendatory Act. Effective immediately.
Replaces everything after the enacting clause. Creates the Small Business Job Creation Tax Credit Act and amends the Illinois Income Tax Act. Provides for a tax credit to be awarded to small businesses by the Department of Commerce and Economic Opportunity in connection with the hiring of new employees. Provides that a person that is operating a business located within the State, that is engaged in interstate or intrastate commerce, that has no more than 50 full-time employees, and that has hired a new employee during State fiscal year 2011 may apply for a certificate of eligibility for a tax credit against payment of taxes withheld under the Illinois Income Tax Act with respect to that position. Provides that a tax credit shall not exceed $2,500, and provides that the Department shall limit the monetary amount of credits awarded under the Small Business Job Creation Tax Credit Act to no more than $50,000,000. Provides for issuance of a tax credit certificate to be presented to the Department of Revenue. Imposes requirements on employers in connection with receipt of a tax credit. Effective immediately.