Full Text of HB0322 95th General Assembly
HB0322 95TH GENERAL ASSEMBLY
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95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008 HB0322
Introduced 1/22/2007, by Rep. Chapin Rose SYNOPSIS AS INTRODUCED: |
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Amends the Economic Development for a Growing Economy Tax Credit Act. Provides that an Applicant for the tax credit under the Act may demonstrate that the project would not occur in Illinois by presenting evidence that the Applicant, currently located in the State, is in competition for production or for a contract to provide goods or services to a vendee who has the option of awarding the production or contract, instead, to a vendor in another state.
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A BILL FOR
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HB0322 |
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LRB095 04456 BDD 24503 b |
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| AN ACT concerning revenue.
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| Be it enacted by the People of the State of Illinois,
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| represented in the General Assembly:
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| Section 5. The Economic Development for a Growing Economy | 5 |
| Tax Credit Act is amended by changing Section 5-25 as follows:
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| (35 ILCS 10/5-25)
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| Sec. 5-25. Review of Application.
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| (a) In addition to those duties granted under the Illinois | 9 |
| Economic
Development Board Act, the Illinois
Economic | 10 |
| Development Board shall form a Business Investment Committee | 11 |
| for the
purpose of making
recommendations for applications. At | 12 |
| the request of the Board, the Director of
Commerce and
Economic | 13 |
| Opportunity or his or her designee, the Director of the
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| Governor's Office of Management and Budget or
his or her | 15 |
| designee, the
Director of Revenue or his or her designee, the | 16 |
| Director of Employment
Security or his or her designee,
and an | 17 |
| elected official of the affected locality, such as the chair of | 18 |
| the
county board or the mayor, may
serve as members of the | 19 |
| Committee to assist with its analysis and
deliberations.
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| (b) At the Department's request, the Committee
shall
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| convene, make inquiries,
and conduct studies in the manner and | 22 |
| by the methods as it deems desirable,
review information with
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| respect to Applicants, and make recommendations for
projects to |
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HB0322 |
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LRB095 04456 BDD 24503 b |
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| benefit the State. In making its recommendation that
an | 2 |
| Applicant's application for Credit should or should not be | 3 |
| accepted, which
shall occur
within a reasonable time frame
as | 4 |
| determined by the nature of the application, the Committee | 5 |
| shall determine
that
all the following conditions
exist:
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| (1) The Applicant's project intends, as required by | 7 |
| subsection (b) of
Section 5-20 to make
the required | 8 |
| investment in the State and intends to hire the required
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| number of
New Employees in Illinois as a result of that | 10 |
| project.
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| (2) The Applicant's project is economically sound and | 12 |
| will benefit the
people of the State of
Illinois by | 13 |
| increasing opportunities for employment and strengthen the | 14 |
| economy
of Illinois.
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| (3) That, if not for the Credit, the project would not | 16 |
| occur in Illinois,
which may be demonstrated
by any means | 17 |
| including, but not limited to : ,
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| (A) evidence the Applicant has
multi-state
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| location options and
could reasonably and efficiently | 20 |
| locate outside of the State ; , or
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| (B) a demonstration
that at least one other
state | 22 |
| is being considered for the project ; , or
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| (C) evidence the receipt of the
Credit is a major | 24 |
| factor in
the Applicant's decision and that , without | 25 |
| the Credit,
the Applicant likely would not
create new | 26 |
| jobs in Illinois ; , or
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LRB095 04456 BDD 24503 b |
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| (D) evidence that the Applicant, currently located | 2 |
| in the State, is in competition for production or for a | 3 |
| contract to provide goods or services to a vendee who | 4 |
| has the option of awarding the production or contract, | 5 |
| instead, to a vendor in another state; or
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| (E) a demonstration that receiving the Credit is
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| essential to the Applicant's
decision to create or | 8 |
| retain new jobs in the State.
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| (4) A cost differential is identified, using best | 10 |
| available
data, in the projected costs for the Applicant's | 11 |
| project compared to
the costs in the competing state, | 12 |
| including the impact of the competing
state's incentive | 13 |
| programs. The competing state's incentive
programs shall | 14 |
| include state, local, private, and federal funds
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| available.
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| (5) The political subdivisions affected by the project | 17 |
| have
committed local incentives with respect to the | 18 |
| project, considering local
ability to assist.
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| (6) Awarding the Credit will result in an overall | 20 |
| positive fiscal
impact to the State, as certified by the | 21 |
| Committee using
the best
available data.
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| (7) The Credit is not prohibited by Section 5-35 of | 23 |
| this Act.
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| (Source: P.A. 94-793, eff. 5-19-06.)
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