SB0012 97TH GENERAL ASSEMBLY

LRB097 06630 HLH 46715 b

97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
SB0012

Introduced 1/27/2011, by Sen. Michael Noland

SYNOPSIS AS INTRODUCED:

20 ILCS 715/10

Amends the Corporate Accountability for Tax Expenditures Act. Makes a technical change in a Section concerning an annual budget.

A BILL FOR

AN ACT concerning State government.

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

Section 5. The Corporate Accountability for Tax Expenditures Act is amended by changing Section 10 as follows:

(20 ILCS 715/10)

Sec. 10. Unified Economic Development Budget.

(a) For each State fiscal year ending on or after June 30, 2005, the the Department of Revenue shall submit an annual Unified Economic Development Budget to the General Assembly. The Unified Economic Development Budget shall be due within 3 months after the end of the fiscal year, and shall present all types of development assistance granted during the prior fiscal year, including:

(1) The aggregate amount of uncollected or diverted State tax revenues resulting from each type of development assistance provided in the tax statutes, as reported to the Department of Revenue on tax returns filed during the fiscal year.

(2) All State development assistance.

(b) All data contained in the Unified Economic Development Budget presented to the General Assembly shall be fully subject to the Freedom of Information Act.

(c) The Department of Revenue shall submit a report of the amounts in subdivision (a)(1) of this Section to the Department, which may append such report to the Unified Economic Development Budget rather than separately reporting such amounts.

(Source: P.A. 93-552, eff. 8-20-03.)