HB4609 103RD GENERAL ASSEMBLY

103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024
HB4609

Introduced 1/31/2024, by Rep. Dave Vella

SYNOPSIS AS INTRODUCED:

35 ILCS 10/5-3

Amends the Economic Development for a Growing Economy Tax Credit Act. Makes a technical change in a Section concerning the purpose of the Act.

LRB103 37141 HLH 67260 b

A BILL FOR

HB4609

LRB103 37141 HLH 67260 b

1 AN ACT concerning revenue.

2 Be it enacted by the People of the State of Illinois,

3 represented in the General Assembly:

4 Section 5. The Economic Development for a Growing Economy

5 Tax Credit Act is amended by changing Section 5-3 as follows:

6 (35 ILCS 10/5-3)

7 Sec. 5-3. Purpose. The ~~The~~ General Assembly finds that the

8 Illinois economy, although currently strong, is still highly

9 vulnerable to other states and nations that have major

10 financial incentive programs for medium-sized and large firm

11 relocations. Because of the incentive programs of these

12 competitor locations, Illinois must move aggressively with new

13 business development investment tools so that Illinois is more

14 competitive in site location decision-making. The State must

15 not only continue to work with firms to help them locate their

16 new plants and facilities in Illinois but also must provide

17 competitive investment location tax credits in support of the

18 location and expansion of medium-sized and large operations of

19 commerce and industry. In an increasingly global economy,

20 Illinois' long-term development would benefit from rational,

21 strategic use of State resources in support of business

22 development and growth.

23 (Source: P.A. 91-476, eff. 8-11-99.)