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Public Act 093-0882
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| HB4285 Enrolled |
LRB093 16237 SJM 41871 b |
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AN ACT concerning economic development.
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Be it enacted by the People of the State of Illinois,
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represented in the General Assembly:
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Section 5. The Economic Development for a Growing Economy |
Tax Credit Act is amended by changing Section 5-20 as follows:
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(35 ILCS 10/5-20)
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Sec. 5-20. Application for a project to create and retain |
new jobs.
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(a) Any Taxpayer proposing a project located or planned to |
be located in
Illinois may request consideration
for |
designation of its project, by formal written letter of request |
or by
formal application to the Department,
in which the |
Applicant states its intent to make at least a specified level |
of
investment and
intends to hire or retain a
specified number |
of full-time employees at a designated location in Illinois.
As
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circumstances require, the
Department may require a formal |
application from an Applicant and a formal
letter of request |
for
assistance.
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(b) In order to qualify for Credits under this Act, an |
Applicant's project
must:
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(1) involve an investment of at least $5,000,000 in |
capital improvements
to be placed in service and to employ |
at least 25 New Employees within the
State as a direct |
result of the project; or
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(2) involve an investment of at least an amount (to be |
expressly specified
by the Department and the Committee) in |
capital improvements to be placed in
service and will |
employ at least an amount (to be expressly specified by the
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Department and the Committee) of New Employees
within the |
State, provided that the Department and the Committee have
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determined that the project will provide a substantial |
economic benefit to the
State; or . |