JACOBS. New Act 30 ILCS 105/5.480 new 35 ILCS 5/701.2 new Creates the Illinois Industrial New Jobs Training Act. Provides for the establishment of job training programs by educational intermediaries, with preference to be given to community colleges. Provides for the funding of the training programs. Amends the State Finance Act to create the Industrial New Jobs Training Fund. Provides that moneys in the Fund shall be used to finance agreements entered into under the Illinois Industrial New Jobs Training Act. Provides that interest earned on the Fund shall be deposited into the General Revenue Fund. Provides that amounts in excess of $50,000,000 in the Fund shall be transferred to the General Revenue Fund. Provides that at least $10,000,000 shall be held in the Industrial New Jobs Training Fund at all times unless the Governor approves a transfer to the General Revenue Fund or a waiver of the minimum balance requirement. Authorizes the issuance of up to $10,000,000 in notes for the Act's purposes. Amends the Illinois Income Tax Act. Directs the Department of Revenue to deposit the amounts required to be withheld from new employees into the Industrial New Jobs Training Fund for a period of one year after the new employee is hired. Effective January 1, 1999. 98-03-24 S FIRST READING 98-03-24 S REFERRED TO SENATE RULES COMMITTEE RULES 99-01-12 S SESSION SINE DIE END OF INQUIRY Full Text Bill Summary