Illinois General Assembly - Full Text of HB3335
Illinois General Assembly

  Bills & Resolutions  
  Compiled Statutes  
  Public Acts  
  Legislative Reports  
  IL Constitution  
  Legislative Guide  
  Legislative Glossary  

 Search By Number
 (example: HB0001)
Search Tips

Search By Keyword

Full Text of HB3335  102nd General Assembly

HB3335 102ND GENERAL ASSEMBLY

  
  

 


 
102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022
HB3335

 

Introduced 2/22/2021, by Rep. Jeff Keicher

 

SYNOPSIS AS INTRODUCED:
 
20 ILCS 605/605-1055 new
35 ILCS 10/5-20
35 ILCS 10/5-21 new

    Amends the Economic Development for a Growing Economy Tax Credit Act. Provides that the credit is transferable. Amends the Department of Commerce and Economic Opportunity Law of the Civil Administrative Code of Illinois. Provides that the Department of Commerce and Economic Opportunity shall conduct a study on the advantages, disadvantages, and feasibility of making each tax credit in the State transferable and shall report its findings to the Governor and the General Assembly no later than December 31, 2022. Effective immediately.


LRB102 14975 HLH 20330 b

FISCAL NOTE ACT MAY APPLY

 

 

A BILL FOR

 

HB3335LRB102 14975 HLH 20330 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 Department of Commerce and Economic
5Opportunity Law of the Civil Administrative Code of Illinois
6is amended by adding Section 605-1055 as follows:
 
7    (20 ILCS 605/605-1055 new)
8    Sec. 605-1055. Study of tax credit transferability. The
9Department shall conduct a study on the advantages,
10disadvantages, and feasibility of making each tax credit in
11the State transferable and shall report its findings to the
12Governor and the General Assembly no later than December 31,
132022. The Department of Revenue shall cooperate with DCEO in
14the preparation of this study.
15    This Section is repealed on January 1, 2024.
 
16    Section 10. The Economic Development for a Growing Economy
17Tax Credit Act is amended by changing Section 5-20 and by
18adding Section 5-21 follows:
 
19    (35 ILCS 10/5-20)
20    Sec. 5-20. Application for a project to create and retain
21new jobs.

 

 

HB3335- 2 -LRB102 14975 HLH 20330 b

1    (a) Any Taxpayer proposing a project located or planned to
2be located in Illinois may request consideration for
3designation of its project, by formal written letter of
4request or by formal application to the Department, in which
5the Applicant states its intent to make at least a specified
6level of investment and intends to hire or retain a specified
7number of full-time employees at a designated location in
8Illinois. As circumstances require, the Department may require
9a formal application from an Applicant and a formal letter of
10request for assistance.
11    (b) In order to qualify for Credits under this Act, an
12Applicant's project must:
13        (1) if the Applicant has more than 100 employees,
14    involve an investment of at least $2,500,000 in capital
15    improvements to be placed in service within the State as a
16    direct result of the project; if the Applicant has 100 or
17    fewer employees, then there is no capital investment
18    requirement;
19        (1.5) if the Applicant has more than 100 employees,
20    employ a number of new employees in the State equal to the
21    lesser of (A) 10% of the number of full-time employees
22    employed by the applicant world-wide on the date the
23    application is filed with the Department or (B) 50 New
24    Employees; and, if the Applicant has 100 or fewer
25    employees, employ a number of new employees in the State
26    equal to the lesser of (A) 5% of the number of full-time

 

 

HB3335- 3 -LRB102 14975 HLH 20330 b

1    employees employed by the applicant world-wide on the date
2    the application is filed with the Department or (B) 50 New
3    Employees;
4        (2) (blank);
5        (3) (blank); and
6        (4) include an annual sexual harassment policy report
7    as provided under Section 5-58.
8    (c) After receipt of an application, the Department may
9enter into an Agreement with the Applicant if the application
10is accepted in accordance with Section 5-25.
11    (d) Upon satisfactory review of the application, the
12Department shall issue a Tax Credit Certificate stating the
13amount of the tax credit to which the applicant is entitled.
14(Source: P.A. 100-511, eff. 9-18-17; 100-698, eff. 1-1-19;
15101-81, eff. 7-12-19.)
 
16    (35 ILCS 10/5-21 new)
17    Sec. 5-21. Transfer of credits. A transfer of a Credit
18awarded under this Act may be made by the taxpayer earning the
19credit within one year after the Credit is awarded in
20accordance with rules adopted by the Department of Commerce
21and Economic Opportunity.
 
22    Section 99. Effective date. This Act takes effect upon
23becoming law.