|
| | 104TH GENERAL ASSEMBLY
State of Illinois
2025 and 2026
SB1780 Introduced 2/5/2025, by Sen. Neil Anderson SYNOPSIS AS INTRODUCED:
| | | Amends the Invest in Illinois Act. Provides that no award of economic incentives may be made under the Act to an entity if (i) the entity is organized under the laws of or has its principal place of business in a foreign country of concern or (ii) the government of a foreign country of concern has a controlling interest in the entity. |
| |
| | A BILL FOR |
|
|
| | SB1780 | | LRB104 09319 HLH 19377 b |
|
|
| 1 | | AN ACT concerning finance.
|
| 2 | | Be it enacted by the People of the State of Illinois, |
| 3 | | represented in the General Assembly:
|
| 4 | | Section 5. The Invest in Illinois Act is amended by adding |
| 5 | | Section 51 as follows:
|
| 6 | | (30 ILCS 751/51 new) |
| 7 | | Sec. 51. Countries of concern. |
| 8 | | (a) Notwithstanding any other provision of law, no award |
| 9 | | of economic incentives may be made under this Act to an entity |
| 10 | | if (i) the entity is organized under the laws of or has its |
| 11 | | principal place of business in a foreign country of concern or |
| 12 | | (ii) the government of a foreign country of concern has a |
| 13 | | controlling interest in the entity. |
| 14 | | (b) As used in this Section: |
| 15 | | "Controlling interest" means possession of the power to |
| 16 | | direct or cause the direction of the management or policies of |
| 17 | | a company, whether through ownership of securities, by |
| 18 | | contract, or otherwise. A person or entity that directly or |
| 19 | | indirectly has the right to vote 25% or more of the voting |
| 20 | | interests of the company or is entitled to 25% or more of the |
| 21 | | company's profits is presumed to possess a controlling |
| 22 | | interest. |
| 23 | | "Foreign country of concern" means the People's Republic |