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| [ Engrossed ] | [ House Amendment 001 ] |
90_HB0113
20 ILCS 655/5.5 from Ch. 67 1/2, par. 609.1
Amends the Illinois Enterprise Zone Act. Includes in the
list of qualifying conditions for a "high impact business" a
business that intends to make a minimum investment of
$200,000,000 which will be placed in service in qualified
property and intends to create, or cause the creation of, 500
full-time equivalent jobs at a commercial development
consisting of at least 500 acres at a designated location in
Illinois.
LRB9000947KDks
LRB9000947KDks
1 AN ACT to amend the Illinois Enterprise Zone Act by
2 changing Section 5.5.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Illinois Enterprise Zone Act is amended
6 by changing Section 5.5 as follows:
7 (20 ILCS 655/5.5) (from Ch. 67 1/2, par. 609.1)
8 Sec. 5.5. High Impact Business.
9 (a) In order to respond to unique opportunities to
10 assist in the encouragement, development, growth and
11 expansion of the private sector through large scale
12 investment and development projects, the Department is
13 authorized to receive and approve applications for the
14 designation of "High Impact Businesses" in Illinois subject
15 to the following conditions:
16 (1) such applications may be submitted at any time
17 during the year;
18 (2) such business is not located, at the time of
19 designation, in an enterprise zone designated pursuant to
20 this Act;
21 (3) the business intends to make a minimum
22 investment of $12,000,000 which will be placed in service
23 in qualified property and intends to create 500 full-time
24 equivalent jobs at a designated location in Illinois, or
25 intends to make a minimum investment of $30,000,000 which
26 will be placed in service in qualified property and
27 intends to retain 1,500 full-time jobs at a designated
28 location in Illinois, or intends to make a minimum
29 investment of $200,000,000 which will be placed in
30 service in qualified property and intends to create, or
31 be the cause of the creation of, 500 full-time equivalent
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1 jobs at a commercial development consisting of at least
2 500 acres at a designated location in Illinois. The
3 business must certify in writing that the investments
4 would not be placed in service in qualified property and
5 the job creation or job retention would not occur without
6 the tax credits and exemptions set forth in subsection
7 (b) of this Section. The terms "placed in service" and
8 "qualified property" have the same meanings as described
9 in subsection (h) of Section 201 of the Illinois Income
10 Tax Act; and
11 (4) no later than 90 days after an application is
12 submitted, the Department shall notify the applicant of
13 the Department's determination of the qualification of
14 the proposed High Impact Business under this Section.
15 (b) Businesses designated as High Impact Businesses
16 pursuant to this Section shall qualify for the credits and
17 exemptions described in the following Acts: Section 9-222 of
18 The Public Utilities Act, subsection (h) of Section 201 of
19 the Illinois Income Tax Act; and, Section 1d of the
20 Retailers' Occupation Tax Act, provided that these credits
21 and exemptions described in these Acts shall not be
22 authorized until the minimum investments set forth in
23 subsection (a) of this Section have been placed in service in
24 qualified properties and, in the case of the exemptions
25 described in the Public Utilities Act and Section 1d of the
26 Retailers' Occupation Tax Act, the minimum full-time
27 equivalent jobs or full-time jobs set forth in subsection (a)
28 of this Section have been created or retained. Businesses
29 designated as High Impact Businesses under this Section shall
30 also qualify for the exemption described in Section 5l of the
31 Retailers' Occupation Tax Act. The credit provided in
32 subsection (h) of Section 201 of the Illinois Income Tax Act
33 shall be applicable to investments in qualified property as
34 set forth in subsection (a) of this Section.
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1 (c) High Impact Businesses located in federally
2 designated foreign trade zones or sub-zones are also eligible
3 for additional credits, exemptions and deductions as
4 described in the following Acts: Section 9-221 of the Public
5 Utilities Act; and subsection (g) of Section 201, and Section
6 203 of the Illinois Income Tax Act.
7 (d) Existing Illinois businesses which apply for
8 designation as a High Impact Business must provide the
9 Department with the prospective plan for which 1,500
10 full-time jobs would be eliminated in the event that the
11 business is not designated.
12 (e) New proposed facilities which apply for designation
13 as High Impact Business must provide the Department with
14 proof of alternative non-Illinois sites which would receive
15 the proposed investment and job creation in the event that
16 the business is not designated as a High Impact Business.
17 (f) In the event that a business is designated a High
18 Impact Business and it is later determined after reasonable
19 notice and an opportunity for a hearing as provided under The
20 Illinois Administrative Procedure Act, that the business
21 would have placed in service in qualified property the
22 investments and created or retained the requisite number of
23 jobs without the benefits of the High Impact Business
24 designation, the Department shall be required to immediately
25 revoke the designation and notify the Director of the
26 Department of Revenue who shall begin proceedings to recover
27 all wrongfully exempted State taxes with interest. The
28 business shall also be ineligible for all State funded
29 Department programs for a period of 10 years.
30 (g) The Department shall revoke a High Impact Business
31 designation if the participating business fails to comply
32 with the terms and conditions of the designation.
33 (h) Prior to designating a business, the Department
34 shall provide the members of the General Assembly and
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1 Illinois Economic and Fiscal Commission with a report setting
2 forth the terms and conditions of the designation and
3 guarantees that have been received by the Department in
4 relation to the proposed business being designated.
5 (Source: P.A. 89-89, eff. 6-30-95.)