Full Text of HB0361 94th General Assembly
HB0361sam001 94TH GENERAL ASSEMBLY
|
Sen. Dale A. Righter
Filed: 5/13/2005
|
|
09400HB0361sam001 |
|
LRB094 02483 BDD 46597 a |
|
| 1 |
| AMENDMENT TO HOUSE BILL 361
| 2 |
| AMENDMENT NO. ______. Amend House Bill 361 by replacing | 3 |
| everything after the enacting clause with the following:
| 4 |
| "Section 5. The Economic Development for a Growing Economy | 5 |
| Tax Credit Act is amended by changing Section 5-25 as follows:
| 6 |
| (35 ILCS 10/5-25)
| 7 |
| Sec. 5-25. Review of Application.
| 8 |
| (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
Community
Affairs or his or her designee, the | 14 |
| Director of the
Governor's Office of Management and Budget
| 15 |
| Bureau of the Budget or
his or her designee, the
Director of | 16 |
| Revenue or his or her designee, the Director of Employment
| 17 |
| Security or his or her designee,
and an elected official of the | 18 |
| affected locality, such as the chair of the
county board or the | 19 |
| mayor, may
serve as members of the Committee to assist with its | 20 |
| analysis and
deliberations.
| 21 |
| (b) At the Department's request, the Committee
shall
| 22 |
| convene, make inquiries,
and conduct studies in the manner and | 23 |
| by the methods as it deems desirable,
review information with
| 24 |
| respect to Applicants, and make recommendations for
projects to |
|
|
|
09400HB0361sam001 |
- 2 - |
LRB094 02483 BDD 46597 a |
|
| 1 |
| 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:
| 6 |
| (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
| 9 |
| number of
New Employees in Illinois as a result of that | 10 |
| project.
| 11 |
| (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.
| 15 |
| (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 : ,
| 18 |
| (A) evidence the Applicant has
multi-state
| 19 |
| location options and
could reasonably and efficiently | 20 |
| locate outside of the State ; , or | 21 |
| (B) a demonstration
that at least one other
state | 22 |
| is being considered for the project ; , or | 23 |
| (C) evidence that the receipt of the
Credit is a | 24 |
| major factor in
the Applicant's decision and that , | 25 |
| without the Credit,
the Applicant likely would not
| 26 |
| create new jobs in Illinois ; , or | 27 |
| (D) evidence that the Applicant, currently located | 28 |
| in the State, is in competition for production or for a | 29 |
| contract to provide goods or services to a vendee who | 30 |
| has the option of awarding the production or contract, | 31 |
| instead, to a vendor in another state; or
| 32 |
| (E) a demonstration that receiving the Credit is
| 33 |
| essential to the Applicant's
decision to create or | 34 |
| retain new jobs in the State.
|
|
|
|
09400HB0361sam001 |
- 3 - |
LRB094 02483 BDD 46597 a |
|
| 1 |
| (4) A cost differential is identified, using best | 2 |
| available
data, in the projected costs for the Applicant's | 3 |
| project compared to
the costs in the competing state, | 4 |
| including the impact of the competing
state's incentive | 5 |
| programs. The competing state's incentive
programs shall | 6 |
| include state, local, private, and federal funds
| 7 |
| available.
| 8 |
| (5) The political subdivisions affected by the project | 9 |
| have
committed local incentives with respect to the | 10 |
| project, considering local
ability to assist.
| 11 |
| (6) Awarding the Credit will result in an overall | 12 |
| positive fiscal
impact to the State, as certified by the | 13 |
| Committee using
the best
available data.
| 14 |
| (7) The Credit is not prohibited by Section 5-35 of | 15 |
| this Act.
| 16 |
| (Source: P.A. 91-476, eff. 8-11-99; revised 8-23-03.)".
|
|