Illinois General Assembly - Bill Status for HB5570
Illinois General Assembly

Previous General Assemblies

 Bill Status of HB5570  94th General Assembly


House Sponsors
Rep. Kurt M. Granberg

Last Action
DateChamber Action
  1/9/2007HouseSession Sine Die

Statutes Amended In Order of Appearance
20 ILCS 715/25
35 ILCS 5/216 new
35 ILCS 10/5-5
35 ILCS 10/5-55
35 ILCS 10/5-60
35 ILCS 10/5-65
35 ILCS 10/5-95 new

Synopsis As Introduced
Amends the Economic Development for a Growing Economy Tax Credit Act. Creates an alternate credit under the Act for taxpayers who agree to create new full-time employment positions by: (i) locating or expanding operations in a depressed area of the State; or (ii) relocating operations into the State from another state or country. Sets forth requirements for the application and award of the alternate credit. Provides that a taxpayer who has been awarded the alternate credit may sell the credit in the secondary financial markets with 100% of the proceeds of the sale by the applicant to be used to offset the costs of the project. Amends the Corporate Accountability for Tax Expenditures Act and the Illinois Income Tax Act to make corresponding changes. Effective immediately.

DateChamber Action
  2/3/2006HouseFiled with the Clerk by Rep. Kurt M. Granberg
  2/3/2006HouseFirst Reading
  2/3/2006HouseReferred to Rules Committee
  1/9/2007HouseSession Sine Die

Back To Top