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Synopsis As Introduced Amends the Economic Development for a Growing Economy Tax Credit Act. Provides that the Business Investment Committee of the Illinois Economic Development Board, in its review of applications for tax credits under the Act, shall give favorable consideration to the following factors: (i) the investment is proposed in a location that is within a reasonable distance of affordable housing; (ii) the investment is proposed in a location that has an available workforce within a reasonable distance so that employees do not have long commutes to work; and (iii) the investment is proposed in a community that is experiencing slow growth. Effective immediately.
Housing Affordability Impact Note (Housing Development Authority)
While proximity to businesses may increase the value of single-family homes, the effect of HB 4285 on purchasing, owning, or selling a single-family residence cannot be determined due to other factors determining affordability.
Fiscal Note (Department of Commerce and Economic Opportunity)
House Bill 4285 is estimated to have no fiscal impact on the Department of Commerce and Economic Opportunity. This fiscal note does not address any potential impact on state tax revenue as a result of the proposed changes.
Deletes everything after the enacting clause. Amends the Economic Development for a Growing Economy Tax Credit Act. Provides that a business that has 100 employees or fewer may qualify for Credits under the Act if the applicant's project involves an investment of at least $1,000,000 in capital improvements to be placed in service and to employ at least 5 New Employees within the State as a direct result of the project.
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