Illinois General Assembly - Full Text of HB2044
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Full Text of HB2044  102nd General Assembly

HB2044 102ND GENERAL ASSEMBLY


 


 
102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022
HB2044

 

Introduced 2/17/2021, by Rep. Jim Durkin

 

SYNOPSIS AS INTRODUCED:
 
35 ILCS 10/5-3

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


LRB102 12260 HLH 17597 b

 

 

A BILL FOR

 

HB2044LRB102 12260 HLH 17597 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 5-3 as follows:
 
6    (35 ILCS 10/5-3)
7    Sec. 5-3. Purpose. The The General Assembly finds that the
8Illinois economy, although currently strong, is still highly
9vulnerable to other states and nations that have major
10financial incentive programs for medium-sized and large firm
11relocations. Because of the incentive programs of these
12competitor locations, Illinois must move aggressively with new
13business development investment tools so that Illinois is more
14competitive in site location decision-making. The State must
15not only continue to work with firms to help them locate their
16new plants and facilities in Illinois but also must provide
17competitive investment location tax credits in support of the
18location and expansion of medium-sized and large operations of
19commerce and industry. In an increasingly global economy,
20Illinois' long-term development would benefit from rational,
21strategic use of State resources in support of business
22development and growth.
23(Source: P.A. 91-476, eff. 8-11-99.)