102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022
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.
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A BILL FOR
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AN ACT concerning revenue.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
The Department of Commerce and Economic
Opportunity Law of the
Civil Administrative Code of Illinois
is amended by adding Section 605-1055 as follows:
(20 ILCS 605/605-1055 new)
Study of tax credit transferability.
Department 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. The Department of Revenue shall cooperate with DCEO in
the preparation of this study.
This Section is repealed on January 1, 2024.
The Economic Development for a Growing Economy
Tax Credit Act is amended by changing Section 5-20 and by
adding Section 5-21 follows:
(35 ILCS 10/5-20)
Application for a project to create and retain
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(a) Any Taxpayer proposing a project located or planned to
be located in
Illinois may request consideration
designation of its project, by formal written letter of
request or by
formal application to the Department,
the Applicant states its intent to make at least a specified
intends to hire or retain a
number of full-time employees at a designated location in
circumstances require, the
Department may require
a formal application from an Applicant and a formal
(b) In order to qualify for Credits under this Act, an
(1) if the Applicant has more than 100 employees,
involve an investment of at least $2,500,000 in capital
to be placed in service within the
State as a
direct result of the project; if the Applicant has 100 or
fewer employees, then there is no capital investment
(1.5) if the Applicant has more than 100 employees,
employ a number of new employees in the State equal to the
lesser of (A) 10% of the number of full-time employees
employed by the applicant world-wide on the date the
application is filed with the Department or (B) 50 New
Employees; and, if the Applicant has 100 or fewer
employees, employ a number of new employees in the State
equal to the lesser of (A) 5% of the number of full-time
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employees employed by the applicant world-wide on the date
the application is filed with the Department or (B) 50 New
(4) include an annual sexual harassment policy report
as provided under Section 5-58.
(c) After receipt of an application, the Department may
enter into an
Agreement with the Applicant if the
is accepted in accordance with Section 5-25.
(d) Upon satisfactory review of the application, the
Department shall issue a Tax Credit Certificate stating the
amount of the tax credit to which the applicant is entitled.
(Source: P.A. 100-511, eff. 9-18-17; 100-698, eff. 1-1-19;
101-81, eff. 7-12-19.)
(35 ILCS 10/5-21 new)
Transfer of credits.
A transfer of a Credit
awarded under this Act may be made by the taxpayer earning the
credit within one year after the Credit is awarded in
accordance with rules adopted by the Department of Commerce
and Economic Opportunity.
This Act takes effect upon