Full Text of SB3772 96th General Assembly
SB3772sam001 96TH GENERAL ASSEMBLY
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Sen. James F. Clayborne, Jr.
Filed: 2/25/2010
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LRB096 20541 HLH 37536 a |
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| AMENDMENT TO SENATE BILL 3772
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| AMENDMENT NO. ______. Amend Senate Bill 3772 by replacing | 3 |
| everything after the enacting clause with the following:
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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: | 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 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 |
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| elected official of the affected locality, such as the chair of | 2 |
| the
county board or the mayor, may
serve as members of the | 3 |
| Committee to assist with its analysis and
deliberations. | 4 |
| (b) At the Department's request, the Committee
shall
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| convene, make inquiries,
and conduct studies in the manner and | 6 |
| by the methods as it deems desirable,
review information with
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| respect to Applicants, and make recommendations for
projects to | 8 |
| benefit the State. In making its recommendation that
an | 9 |
| Applicant's application for Credit should or should not be | 10 |
| accepted, which
shall occur
within a reasonable time frame
as | 11 |
| determined by the nature of the application, the Committee | 12 |
| shall determine
that
all the following conditions
exist: | 13 |
| (1) The Applicant's project intends, as required by | 14 |
| subsection (b) of
Section 5-20 to make
the required | 15 |
| 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 | 17 |
| project. | 18 |
| (2) The Applicant's project is economically sound and | 19 |
| will benefit the
people of the State of
Illinois by | 20 |
| increasing opportunities for employment and strengthen the | 21 |
| economy
of Illinois. | 22 |
| (3) (Blank). That, if not for the Credit, the project | 23 |
| would not occur in Illinois,
which may be demonstrated
by | 24 |
| any means including, but not limited to, evidence the | 25 |
| Applicant has
multi-state
location options and
could | 26 |
| reasonably and efficiently locate outside of the State, or |
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| demonstration
that at least one other
state is being | 2 |
| considered for the project, or evidence the receipt of the
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| Credit is a major factor in
the Applicant's decision and | 4 |
| that without the Credit,
the Applicant likely would not
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| create new jobs in Illinois, or demonstration that | 6 |
| receiving the Credit is
essential to the Applicant's
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| decision to create or retain new jobs in the State. | 8 |
| (4) A cost differential is identified, using best | 9 |
| available
data, in the projected costs for the Applicant's | 10 |
| project compared to
the costs in the competing state, | 11 |
| including the impact of the competing
state's incentive | 12 |
| programs. The competing state's incentive
programs shall | 13 |
| include state, local, private, and federal funds
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| available. | 15 |
| (5) The political subdivisions affected by the project | 16 |
| have
committed local incentives with respect to the | 17 |
| project, considering local
ability to assist. | 18 |
| (6) Awarding the Credit will result in an overall | 19 |
| positive fiscal
impact to the State, as certified by the | 20 |
| Committee using
the best
available data. | 21 |
| (7) The Credit is not prohibited by Section 5-35 of | 22 |
| this Act. | 23 |
| (Source: P.A. 94-793, eff. 5-19-06.)
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| Section 99. Effective date. This Act takes effect upon | 25 |
| becoming law.".
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