Rep. Robin Kelly
Filed: 3/30/2004
 
 

 




 

 		












09300HB4285ham001

LRB093 16237 BDD 49124 a






1

AMENDMENT TO HOUSE BILL 4285




2
    AMENDMENT NO. ______. Amend House Bill 4285 by replacing 
3
everything after the enacting clause with the following:

 
4
    "Section 5. The Economic Development for a Growing Economy 
5
Tax Credit Act is amended  by changing Section 5-20 as follows:
 



6
    (35 ILCS 10/5-20)



7
    Sec. 5-20. Application for a  project to create and retain 
8
new jobs. 

9
    (a) Any Taxpayer proposing a project located or planned to 
10
be located in
Illinois may request consideration
for 
11
designation of its project, by formal written letter of request 
12
or by
formal application to the Department,
in which the 
13
Applicant states its intent to make at least a specified level 
14
of
investment and
intends to hire or retain a
specified number 
15
of full-time employees at a designated location in Illinois.
As

16
circumstances require, the
Department may require a formal 
17
application from an Applicant and a formal
letter of request 
18
for
assistance.

19
    (b) In order to qualify for Credits under this Act, an 
20
Applicant's project
must:


21
        (1) involve an investment of at least $5,000,000 in 
22
capital improvements
to be placed in service and to employ 
23
at least 25 New Employees within the
State as a direct 
24
result of the project; or


 


 






09300HB4285ham001
- 2 -
LRB093 16237 BDD 49124 a




1
        (2) involve an investment of at least an amount (to be 
2
expressly specified
by the Department and the Committee) in 
3
capital improvements to be placed in
service and will 
4
employ at least an amount (to be expressly specified by the

5
Department and the Committee) of New Employees
within the 
6
State, provided that the Department and the Committee have

7
determined that the project will provide a substantial 
8
economic benefit to the
State; or .
9
        (3) if the applicant has 100 or fewer employees, 
10
involve an investment of at least $1,000,000 in capital 
11
improvements to be placed in service and to employ at least 
12
5 New Employees within the State as a direct result of the 
13
project.


14
    (c) After receipt of an application, the Department may 
15
enter into an
Agreement with the Applicant if the
application 
16
is accepted in accordance with Section 5-25.

17
(Source: P.A. 91-476, eff. 8-11-99.)".