93RD GENERAL ASSEMBLY
State of Illinois
2003 and 2004
HB5806


 
Introduced 2/6/2004, by Michael J. Madigan
 
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.
















LRB093 16742 BDD 42393 b

















 


 


A BILL FOR









 











HB5806

LRB093 16742 BDD 42393 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 
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Tax Credit Act is
amended by changing
Section 5-3 as follows:


 
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    (35 ILCS 10/5-3)

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    Sec. 5-3. Purpose.   The General Assembly finds that the 
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Illinois economy,
although currently strong, is
still highly 
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vulnerable to other states and nations that have major 
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financial
incentive programs for medium-sized and large firm 
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relocations.  Because of the
incentive programs of these

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competitor locations, Illinois
must move aggressively with new 
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business development investment tools so that
Illinois is more

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competitive in site location decision-making.  Illinois
The 
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State must
not only continue
to work with firms to help
them 
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locate their new plants and facilities in Illinois but also 
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must provide
competitive investment location
tax credits in 
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support of the location and expansion of medium-sized and large

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operations of commerce
and industry. In an increasingly global 
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economy, Illinois' long-term
development would benefit from

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rational, strategic use of State resources in support of 
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business development
and growth.


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