SB2542eng 93RD GENERAL ASSEMBLY

SB2542 Engrossed LRB093 20836 MKM 46762 b

AN ACT concerning business.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Illinois Enterprise Zone Act is amended by adding Section 11.5 as follows:

(20 ILCS 655/11.5 new)

Sec. 11.5. Disclosure of landholdings. The owners of all businesses that want to locate in an enterprise zone must disclose all landholdings that they have within the enterprise zone. Refusal to make this disclosure rescinds all enterprise zone tax incentives provided to the business.

Section 10. The Public Officer Prohibited Activities Act is amended by changing Section 3.1 as follows:

(50 ILCS 105/3.1) (from Ch. 102, par. 3.1)

Sec. 3.1. Disclosure of identity of owners, beneficiaries, members, shareholders, and partners; written disclosure; letter of direction; construction. Before any contract relating to the ownership or use of real property is entered into by and between the State or any local governmental unit or any agency of either the identity of every owner and beneficiary having any interest, real or personal, in such property, and every member, shareholder, limited partner, or general partner entitled to receive any percentage more than 7 1/2% of the total distributable income of any limited liability company, corporation, or limited partnership having any interest, real or personal, in such property must be disclosed. The disclosure shall be in writing and shall be subscribed by a member, owner, authorized trustee, corporate official, general partner, or managing agent, or his or her authorized attorney, under oath. However, if the interest, stock, or shares in a limited liability company, corporation, or general partnership is publicly traded and there is no readily known individual having greater than a 7 1/2% any interest, then a statement to that effect, subscribed to under oath by a member, officer of the corporation, general partner, or managing agent, or his or her authorized attorney, shall fulfill the disclosure statement requirement of this Section. As a condition of contracts entered into on or after the effective date of this amendatory Act of 1995, the beneficiaries of a lease shall furnish the trustee of a trust subject to disclosure under this Section with a binding non-revocable letter of direction authorizing the trustee to provide the State with an up-to-date disclosure whenever requested by the State. The letter of direction shall be binding on beneficiaries' heirs, successors, and assigns during the term of the contract. This Section shall be liberally construed to accomplish the purpose of requiring the identification of the actual parties benefiting from any transaction with a governmental unit or agency involving the procurement of the ownership or use of real property thereby.

For any entity that is wholly or partially owned by another entity, the names of the owners of the wholly or partially owning entity shall be disclosed under this Section, as well as the names of the owners of the wholly or partially owned entity.

(Source: P.A. 91-361, eff. 7-29-99.)

Section 99. Effective date. This Act takes effect upon becoming law.