Bill Status of HB5570 94th General Assembly
Short Description: EDGE CREDIT-ALTERNATE CR
Rep. Kurt M. Granberg
| 1/9/2007||House||Session Sine Die|
Statutes Amended In Order of Appearance
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.