Full Text of HB3141 98th General Assembly
HB3141 98TH GENERAL ASSEMBLY |
| | 98TH GENERAL ASSEMBLY
State of Illinois
2013 and 2014 HB3141 Introduced , by Rep. Thaddeus Jones SYNOPSIS AS INTRODUCED: |
| 20 ILCS 605/605-1020 new | | 765 ILCS 1025/18 | from Ch. 141, par. 118 | 30 ILCS 105/5.826 new | |
|
Amends the Department of Commerce and Economic Opportunity Law of the
Civil Administrative Code of Illinois. Creates the Jobs Incentive Fund as a special fund in the State Treasury. Provides that moneys in the Fund shall be used by the Department to make grants to qualified applicants. Amends the Uniform Disposition of Unclaimed Property Act. Provides that the first $2,500,000 over and above the $2,500,000 remaining in the trust fund shall be deposited into the Jobs Incentive Fund, and the remainder shall be deposited into the State Pensions Fund (now, everything over the first $2,500,000 is deposited into the State Pensions Fund). Effective immediately.
|
| |
| | | FISCAL NOTE ACT MAY APPLY | |
| | A BILL FOR |
|
| | | HB3141 | | LRB098 07431 HLH 37499 b |
|
| 1 | | AN ACT concerning State government.
| 2 | | Be it enacted by the People of the State of Illinois,
| 3 | | represented in the General Assembly:
| 4 | | Section 5. The Department of Commerce and Economic | 5 | | Opportunity Law of the
Civil Administrative Code of Illinois is | 6 | | amended by adding Section 605-1020 as follows: | 7 | | (20 ILCS 605/605-1020 new) | 8 | | Sec. 605-1020. Jobs Incentive Fund; creation. | 9 | | (a) The Jobs Incentive Fund is hereby created as a special | 10 | | fund in the State Treasury. Moneys in the Fund shall be used by | 11 | | the Department to make grants to qualified applicants. The | 12 | | Director shall develop and implement a grant application, | 13 | | evaluation, and project approval process that is consistent | 14 | | with the requirements of this Section. In determining | 15 | | eligibility for a grant, the Department shall find that an | 16 | | applicant meets the following criteria: | 17 | | (1) that the applicant is financially viable as | 18 | | determined by commonly accepted measures for assessing | 19 | | profitability, liquidity, solvency, and capital structure; | 20 | | and | 21 | | (2) that the applicant has developed a practical and | 22 | | complete business plan in support of the specific business | 23 | | expansion or relocation project for which the grant is |
| | | HB3141 | - 2 - | LRB098 07431 HLH 37499 b |
|
| 1 | | sought; and | 2 | | (3) that the project will produce, as a result of the | 3 | | combined effect of the applicant's additional qualified | 4 | | employment and qualified capital investment in the State, a | 5 | | net positive expansion of the State's economic base. | 6 | | (b) All applicants meeting the basic eligibility criteria | 7 | | established in this Section shall be evaluated and ranked by | 8 | | the Department according to the following criteria: | 9 | | (1) the likelihood that the expansion or relocation for | 10 | | which a grant is sought will succeed as judged by the | 11 | | strength of the applicant firm's financial position and | 12 | | business plan; | 13 | | (2) the number and quality of qualified employees | 14 | | added; | 15 | | (3) the project's economic impact; | 16 | | (4) the level of qualified capital investment; | 17 | | (5) the extent to which the relocation or expansion | 18 | | supports the development in the State of a transformative | 19 | | industry or diversifies the State's economy; | 20 | | (6) the level of contribution to preserving and | 21 | | enhancing the natural environment; | 22 | | (7) the positive effects on the State's local supplier | 23 | | network; and | 24 | | (8) the budgetary implications of awarding a specific | 25 | | grant as it relates to available fund balances and the | 26 | | quality of competing firms' applications. |
| | | HB3141 | - 3 - | LRB098 07431 HLH 37499 b |
|
| 1 | | (c) As used in this Section: | 2 | | "Compensation" means that part of the sum reported on Form | 3 | | W-2, or equivalent form of the United States Department of | 4 | | Treasury, Internal Revenue Service as "Medicare wages and tips" | 5 | | that is apportioned to this State. | 6 | | "Qualified capital investment" means at least $500,000 | 7 | | actually expended by the grantee in connection with an approved | 8 | | project within 3 years from the date of the grant's approval | 9 | | for: (i) the construction of a new building associated with an | 10 | | approved project, (ii) the purchase and installation of new | 11 | | equipment associated with an approved project, and (iii) the | 12 | | cost of building and infrastructure improvements associated | 13 | | with the approved project (including amounts paid for | 14 | | engineering and architectural services provided by persons | 15 | | unaffiliated with the grantee and for building contractors | 16 | | unaffiliated with the grantee performing work in connection | 17 | | with the approved project); provided, however, that qualified | 18 | | capital investment shall not include any fees, taxes, charges, | 19 | | or assessments paid to any governmental body, wages and | 20 | | associated employee labor costs associated with the approved | 21 | | project, employee training costs, or grantee research and | 22 | | development costs. | 23 | | "Qualified employee" means any single position added in | 24 | | connection with an approved project held by a common-law | 25 | | employee in this State for which the compensation equals or | 26 | | exceeds $20,000. More than one consecutive employee may perform |
| | | HB3141 | - 4 - | LRB098 07431 HLH 37499 b |
|
| 1 | | an eligible job during a single calendar year so long as the | 2 | | total compensation of all consecutive employees performing | 3 | | such eligible jobs during such calendar year equals or exceeds | 4 | | $20,000. | 5 | | Section 10. The Uniform Disposition of Unclaimed Property | 6 | | Act is amended by changing Section 18 as follows:
| 7 | | (765 ILCS 1025/18) (from Ch. 141, par. 118)
| 8 | | Sec. 18. Deposit of funds received under the Act.
| 9 | | (a) The State Treasurer shall retain all funds received | 10 | | under this Act,
including the proceeds from
the sale of | 11 | | abandoned property under Section 17, in a trust fund. The State | 12 | | Treasurer may deposit any amount in the Trust Fund into the | 13 | | State Pensions Fund during the fiscal year at his or her | 14 | | discretion; however, he or she shall,
on April 15 and October | 15 | | 15 of each year, deposit any amount in the trust fund
exceeding | 16 | | $2,500,000 as follows: (i) the first $2,500,000 over and above | 17 | | the $2,500,000 remaining in the trust fund shall be deposited | 18 | | into the Jobs Incentive Fund, and (ii) the remainder shall be | 19 | | deposited into the State Pensions Fund. Beginning in State | 20 | | fiscal year 2014, all amounts in excess of $2,500,000 that are | 21 | | deposited into the State Pensions Fund under this Section from | 22 | | the unclaimed Property Trust Fund shall be apportioned to the | 23 | | designated retirement systems as provided in subsection (c-6) | 24 | | of Section 8.12 of the State Finance Act to reduce their |
| | | HB3141 | - 5 - | LRB098 07431 HLH 37499 b |
|
| 1 | | actuarial reserve deficiencies. He or she shall make prompt | 2 | | payment of claims he or she
duly allows as provided for in this | 3 | | Act for the trust fund.
Before making the deposit the State | 4 | | Treasurer
shall record the name and last known address of each | 5 | | person appearing from the
holders' reports to be entitled to | 6 | | the abandoned property. The record shall be
available for | 7 | | public inspection during reasonable business
hours.
| 8 | | (b) Before making any deposit to the credit of the State | 9 | | Pensions Fund,
the State Treasurer may deduct: (1) any costs in | 10 | | connection with sale of
abandoned property, (2) any costs of | 11 | | mailing and publication in connection with
any abandoned | 12 | | property, and (3) any costs in connection with the maintenance | 13 | | of
records or disposition of claims made pursuant to this Act. | 14 | | The State
Treasurer shall semiannually file an itemized report | 15 | | of all such expenses with
the Legislative Audit Commission.
| 16 | | (Source: P.A. 96-1000, eff. 7-2-10; 97-732, eff. 6-30-12.)
| 17 | | Section 90. The State Finance Act is amended by adding | 18 | | Section 5.826 as follows: | 19 | | (30 ILCS 105/5.826 new) | 20 | | Sec. 5.826. The Jobs Incentive Fund.
| 21 | | Section 99. Effective date. This Act takes effect upon | 22 | | becoming law.
|
|