|
| | 103RD GENERAL ASSEMBLY
State of Illinois
2023 and 2024
SB1658 Introduced 2/8/2023, by Sen. Andrew S. Chesney SYNOPSIS AS INTRODUCED:
|
| |
Amends the Economic Development for a Growing Economy Tax Credit Act. Removes provisions concerning conditions that the Business Investment Committee shall determine exist in order for the Committee to make its recommendation that an Applicant's application for a Credit should or should not be accepted. Effective immediately.
|
| |
| | A BILL FOR |
|
|
| | SB1658 | | LRB103 27703 HLH 54080 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 5-25 as follows:
|
| 6 | | (35 ILCS 10/5-25)
|
| 7 | | Sec. 5-25. Review of Application.
|
| 8 | | (a) (Blank).
|
| 9 | | (b) The Department shall determine which projects will |
| 10 | | benefit the State. In making its recommendation that
an |
| 11 | | Applicant's application for Credit should or should not be |
| 12 | | accepted, which
shall occur
within a reasonable time frame
as |
| 13 | | determined by the nature of the application, the Department |
| 14 | | shall determine
that
all the following conditions
exist:
|
| 15 | | (1) The Applicant's project intends, as required by |
| 16 | | subsection (b) of
Section 5-20 to make
the required |
| 17 | | investment in the State and intends to hire the required
|
| 18 | | number of
New Employees to work at a project location in |
| 19 | | Illinois as a result of that project.
|
| 20 | | (2) The Applicant's project is economically sound and |
| 21 | | will benefit the
people of the State of
Illinois by |
| 22 | | increasing opportunities for employment and strengthen the |
| 23 | | economy
of Illinois.
|
|
| | SB1658 | - 2 - | LRB103 27703 HLH 54080 b |
|
|
| 1 | | (3) (Blank). That, if not for the Credit, the project |
| 2 | | would not occur in Illinois,
which may be demonstrated
by |
| 3 | | evidence that receipt of the Credit is essential to the |
| 4 | | Applicant's decision to create new jobs in the State, such |
| 5 | | as the magnitude of the cost differential between Illinois |
| 6 | | and a competing State; in addition, if the Applicant is |
| 7 | | seeking an increase in the maximum amount of the Credit |
| 8 | | for retained employees, the Applicant must provide |
| 9 | | evidence the Applicant has
multi-state
location options |
| 10 | | and
could reasonably and efficiently locate outside of the |
| 11 | | State or demonstrate
that at least one other
state is |
| 12 | | being considered for the project.
|
| 13 | | (4) (Blank). A cost differential is identified, using |
| 14 | | best available
data, in the projected costs for the |
| 15 | | Applicant's project compared to
the costs in the competing |
| 16 | | state, including the impact of the competing
state's |
| 17 | | incentive programs. The competing state's incentive
|
| 18 | | programs shall include state, local, private, and federal |
| 19 | | funds
available.
|
| 20 | | (5) The political subdivisions affected by the project |
| 21 | | have
committed local incentives with respect to the |
| 22 | | project, considering local
ability to assist.
|
| 23 | | (6) Awarding the Credit will result in an overall |
| 24 | | positive fiscal
impact to the State, as certified by the |
| 25 | | Department using
the best
available data.
|
| 26 | | (7) The Credit is not prohibited by Section 5-35 of |