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90_HB0113ham001
LRB9000947KDksam
1 AMENDMENT TO HOUSE BILL 113
2 AMENDMENT NO. . Amend House Bill 113 by replacing
3 everything after the enacting clause with the following:
4 "Section 5. The Illinois Enterprise Zone Act is amended
5 by changing Section 5.5 as follows:
6 (20 ILCS 655/5.5) (from Ch. 67 1/2, par. 609.1)
7 Sec. 5.5. High Impact Business.
8 (a) In order to respond to unique opportunities to
9 assist in the encouragement, development, growth and
10 expansion of the private sector through large scale
11 investment and development projects, the Department is
12 authorized to receive and approve applications for the
13 designation of "High Impact Businesses" in Illinois subject
14 to the following conditions:
15 (1) such applications may be submitted at any time
16 during the year;
17 (2) the such business is not located, at the time
18 of designation, in an enterprise zone designated pursuant
19 to this Act;
20 (3) the business intends to make a minimum
21 investment of $12,000,000 which will be placed in service
22 in qualified property and intends to create 500 full-time
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1 equivalent jobs at a designated location in Illinois, or
2 intends to make a minimum investment of $30,000,000 which
3 will be placed in service in qualified property and
4 intends to retain 1,500 full-time jobs at a designated
5 location in Illinois. The business must certify in
6 writing that the investments would not be placed in
7 service in qualified property and the job creation or job
8 retention would not occur without the tax credits and
9 exemptions set forth in subsection (b) of this Section.
10 The terms "placed in service" and "qualified property"
11 have the same meanings as described in subsection (h) of
12 Section 201 of the Illinois Income Tax Act; and
13 (4) no later than 90 days after an application is
14 submitted, the Department shall notify the applicant of
15 the Department's determination of the qualification of
16 the proposed High Impact Business under this Section.
17 (b) Businesses designated as High Impact Businesses
18 pursuant to this Section shall qualify for the credits and
19 exemptions described in the following Acts: Section 9-222 of
20 The Public Utilities Act, subsection (h) of Section 201 of
21 the Illinois Income Tax Act; and, Section 1d of the
22 Retailers' Occupation Tax Act, provided that these credits
23 and exemptions described in these Acts shall not be
24 authorized until the minimum investments set forth in
25 subsection (a) of this Section have been placed in service in
26 qualified properties and, in the case of the exemptions
27 described in the Public Utilities Act and Section 1d of the
28 Retailers' Occupation Tax Act, the minimum full-time
29 equivalent jobs or full-time jobs set forth in subsection (a)
30 of this Section have been created or retained. Businesses
31 designated as High Impact Businesses under this Section shall
32 also qualify for the exemption described in Section 5l of the
33 Retailers' Occupation Tax Act. The credit provided in
34 subsection (h) of Section 201 of the Illinois Income Tax Act
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1 shall be applicable to investments in qualified property as
2 set forth in subsection (a) of this Section.
3 (c) High Impact Businesses located in federally
4 designated foreign trade zones or sub-zones are also eligible
5 for additional credits, exemptions and deductions as
6 described in the following Acts: Section 9-221 of the Public
7 Utilities Act; and subsection (g) of Section 201, and Section
8 203 of the Illinois Income Tax Act.
9 (d) Existing Illinois businesses which apply for
10 designation as a High Impact Business must provide the
11 Department with the prospective plan for which 1,500
12 full-time jobs would be eliminated in the event that the
13 business is not designated.
14 (e) New proposed facilities which apply for designation
15 as High Impact Business must provide the Department with
16 proof of alternative non-Illinois sites which would receive
17 the proposed investment and job creation in the event that
18 the business is not designated as a High Impact Business.
19 (f) In the event that a business is designated a High
20 Impact Business and it is later determined after reasonable
21 notice and an opportunity for a hearing as provided under The
22 Illinois Administrative Procedure Act, that the business
23 would have placed in service in qualified property the
24 investments and created or retained the requisite number of
25 jobs without the benefits of the High Impact Business
26 designation, the Department shall be required to immediately
27 revoke the designation and notify the Director of the
28 Department of Revenue who shall begin proceedings to recover
29 all wrongfully exempted State taxes with interest. The
30 business shall also be ineligible for all State funded
31 Department programs for a period of 10 years.
32 (g) The Department shall revoke a High Impact Business
33 designation if the participating business fails to comply
34 with the terms and conditions of the designation.
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1 (h) Prior to designating a business, the Department
2 shall provide the members of the General Assembly and
3 Illinois Economic and Fiscal Commission with a report setting
4 forth the terms and conditions of the designation and
5 guarantees that have been received by the Department in
6 relation to the proposed business being designated.
7 (Source: P.A. 89-89, eff. 6-30-95.)".