Illinois General Assembly - Bill Status for HB0235

Creates the State Economic Assistance Accountability Act. Provides that State economic assistance provided by the Department of Commerce and Community Affairs as an incentive to a business organization must be based on the terms of a written incentive agreement between the Department and the business organization, which agreement must identify the specific State economic assistance to be provided to the business organization during the term of the agreement. Lists terms the agreement must contain. Provides that State economic assistance incentive agreements must provide that if a business organization either fails to make the requisite level of capital investment in the project or fails to create or retain the specified number of jobs within the specified time frame, as provided under the Act authorizing the State economic assistance, the business organization shall be deemed to no longer qualify for the State economic assistance. Provides that State economic assistance must total at least $75,000 on a single project for applicability. Provides that the full content of all written incentive agreements are to be published on the Illinois Department of Commerce and Community Affairs website. Effective immediately.

Deletes everything. Creates the Corporate Accountability for Tax Expenditures Act. Provides that the Department of Revenue shall submit an annual Unified Economic Development Budget to the General Assembly no later than 3 months after the end of the State's fiscal year and the report shall present all types of development assistance for economic development during the prior fiscal year. Provides that the Department of Revenue shall promulgate a standardized disclosure registry for use by all property-taxing entities and that every property-taxing entity in the State shall employ this standardized registry to report to the State Department of Revenue all property tax reductions or abatements that had effect during the previous calendar year. Provides that the Department of Commerce and Community Affairs shall promulgate a standardized application form for on-budget development assistance for use by all granting bodies. Requires each granting agency to submit a progress report to the Department of Commerce and Community Affairs concerning certain development assistance applications. Provides that, in considering development assistance applications, all granting bodies shall analyze the projected wages and benefits. Provides that recipients are required to achieve their job creation and wage and benefit goals within 2 years after the date of assistance and, if a recipient defaults on development assistance, it must pay back to the granting body that fraction of the development assistance that accrued to its benefit for the calendar year in which the default occurred. Effective immediately.

Deletes everything after the enacting clause. Creates the Corporate Accountability for Tax Expenditures Act. Defines "development assistance" as (1) tax credits and tax exemptions (other than given under tax increment financing) given under the Economic Development for a Growing Economy Tax Credit Act and the Illinois Enterprise Zone Act, (2) grants or loans given pursuant to the Large Business Development Program, the Business Development Public Infrastructure Program, or the Industrial Training Program, (3) the State Treasurer's Economic Program Loans, (4) the Illinois Department of Transportation Economic Development Program, and (5) all successor and subsequent programs and tax credits designed to promote large business relocations and expansions, but not including tax increment financing, participation loans, certain financial transactions in support of small business loans and investments, or assistance given in connection with the development of affordable housing. Requires the Department of Revenue to submit an annual Unified Economic Development Budget to the General Assembly no later than 3 months after the end of the State's fiscal year, beginning in 2005, presenting all types of development assistance for economic development during the fiscal year. Requires standardized applications for development assistance, requires State granting bodies to submit to the Department of Commerce and Community Affairs certain information concerning projects approved for development assistance, and requires the Department to publish the data received. Authorizes the recapture by the State of development assistance provided if a grantee does not meet the requirements of an agreement. Effective immediately.

Deletes everything after the enacting clause. Reinserts the provisions of the bill as engrossed with changes as follows. Defines "development assistance agreement" as any agreement executed by the State granting body and the recipient setting forth the terms and conditions of development assistance to be provided to the recipient consistent with the final application for development assistance submitted to and approved by the State granting body. Removes the definition for "permanent job". Makes changes concerning applications for assistance, State development assistance disclosure, and recapture provisions. Makes other changes.

Replaces the term "State on-budget development assistance" with "State development assistance". In provisions setting forth the required contents of an application for development assistance, provides that one of the items that must be included is a narrative, if necessary, describing why the development assistance is needed and how the applicant's use of the development assistance may reduce employment at any site in Illinois (underlying amendment reads "reduce unemployment"). Provides that the Department of Commerce and Community Affairs is authorized to modify State development assistance application forms and the requirements for the progress reports that must be submitted by those receiving State development assistance with respect to grants under the Industrial Training Program that are not given as an incentive to a recipient business organization. Removes an incorrect cross-reference.

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