HB4609 103RD GENERAL ASSEMBLY

LRB103 37141 HLH 67260 b

103RD GENERAL ASSEMBLY
State of Illinois
2023 and 2024
HB4609

Introduced 1/31/2024, by Rep. Dave Vella

SYNOPSIS AS INTRODUCED:

35 ILCS 10/5-3

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

A BILL FOR

AN ACT concerning revenue.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Economic Development for a Growing Economy Tax Credit Act is amended by changing Section 5-3 as follows:

(35 ILCS 10/5-3)

Sec. 5-3. Purpose. The The General Assembly finds that the Illinois economy, although currently strong, is still highly vulnerable to other states and nations that have major financial incentive programs for medium-sized and large firm relocations. Because of the incentive programs of these competitor locations, Illinois must move aggressively with new business development investment tools so that Illinois is more competitive in site location decision-making. The State must not only continue to work with firms to help them locate their new plants and facilities in Illinois but also must provide competitive investment location tax credits in support of the location and expansion of medium-sized and large operations of commerce and industry. In an increasingly global economy, Illinois' long-term development would benefit from rational, strategic use of State resources in support of business development and growth.

(Source: P.A. 91-476, eff. 8-11-99.)