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| | 100TH GENERAL ASSEMBLY
State of Illinois
2017 and 2018
HB4131 Introduced , by Rep. Kelly M. Cassidy SYNOPSIS AS INTRODUCED:
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Creates the Transparency in Economic Development Incentives Act. Provides that any tax incentives given to the company Amazon.com, Inc., by the Department of Revenue for the development of a corporate headquarters office in this State shall be limited to no more than $50,000 for each job opportunity created by the development. Provides that the Department shall have all the powers necessary to implement the Act, including the adoption of rules. Defines terms.
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| | | FISCAL NOTE ACT MAY APPLY | |
| | A BILL FOR |
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| | HB4131 | | LRB100 15170 AXK 30046 b |
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| 1 | | AN ACT concerning revenue.
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| 2 | | Be it enacted by the People of the State of Illinois,
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| 3 | | represented in the General Assembly:
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| 4 | | Section 1. Short title. This Act may be cited as the |
| 5 | | Transparency in Economic Development Incentives Act.
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| 6 | | Section 5. Purpose. The General Assembly finds that other |
| 7 | | states have major financial incentive programs for |
| 8 | | medium-sized and large firm developments and relocations. The |
| 9 | | General Assembly also finds that while the economy, |
| 10 | | infrastructure, and work-ready population of Illinois make it |
| 11 | | an attractive choice for developments and relocations, |
| 12 | | Illinois must ensure that it remains competitive in developing |
| 13 | | business investment, while at the same time ensuring that the |
| 14 | | State resources and incentives provided to support business |
| 15 | | relocation are rationally related to the foreseeable public |
| 16 | | benefit of the proposed development or relocation.
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| 17 | | Section 10. Definitions. As used in this Act:
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| 18 | | "Department" means the Department of Revenue.
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| 19 | | "Tax incentive" means any exemption, exclusion, deduction, |
| 20 | | allowance, credit, preferential tax rate, abatement, or other |
| 21 | | device authorized by law that would reduce the amount of tax |
| 22 | | revenues that would otherwise be collected by the State.
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