99TH GENERAL ASSEMBLY
State of Illinois
2015 and 2016
HB0679
 
Introduced , by Rep. Michael J. Madigan
 
SYNOPSIS AS INTRODUCED:
 
  
35 ILCS 10/5-40

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



LRB099 04494 HLH 24522 b

 
 
A BILL FOR
 


HB0679LRB099 04494 HLH 24522 b



1    AN ACT concerning revenue.

 
2    Be it enacted by the People of the State of Illinois, 
3represented in the General Assembly: 

 
4    Section 5. The Economic Development for a Growing Economy 
5Tax Credit Act is amended by changing Section 5-40 as follows:
 



6    (35 ILCS 10/5-40)



7    Sec. 5-40. Determination of Amount of the Credit. In 
8determining the
the
amount of the Credit that should be 
9awarded, the Committee shall provide
guidance on, and the

10Department shall take into consideration, the
following 
11factors:

12        (1) The number and location of jobs created and 
13    retained in relation to
the economy of the county where the 
14    projected investment is to
occur.


15        (2) The potential impact on the economy of Illinois.


16        (3) The magnitude of the cost differential between 
17    Illinois and the
competing state.


18        (4) The incremental payroll attributable to the 
19    project.


20        (5) The capital investment attributable to the 
21    project.


22        (6) The amount of the average wage and benefits paid by 
23    the Applicant in
relation to the wage and benefits of the 
 
 
HB0679- 2 -LRB099 04494 HLH 24522 b

1    area of the project.


2        (7) The costs to Illinois and the affected political 
3    subdivisions
with respect to the project.


4        (8) The financial assistance that is otherwise 
5    provided by Illinois
and the affected political 
6    subdivisions.

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