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90_HB2299ham002
LRB9006663MWpcam
1 AMENDMENT TO HOUSE BILL 2299
2 AMENDMENT NO. . Amend House Bill 2299, AS AMENDED,
3 in the title, by replacing "Section 5.3" with "Sections 5.3
4 and 5.5"; and
5 in Section 5, in the introductory clause, by replacing
6 "Section 5.3" with "Sections 5.3 and 5.5"; and
7 in Section 5, by inserting immediately below Sec. 5.3 the
8 following:
9 "(20 ILCS 655/5.5) (from Ch. 67 1/2, par. 609.1)
10 Sec. 5.5. High Impact Business.
11 (a) In order to respond to unique opportunities to
12 assist in the encouragement, development, growth and
13 expansion of the private sector through large scale
14 investment and development projects, the Department is
15 authorized to receive and approve applications for the
16 designation of "High Impact Businesses" in Illinois subject
17 to the following conditions:
18 (1) such applications may be submitted at any time
19 during the year;
20 (2) such business is not located, at the time of
21 designation, in an enterprise zone designated pursuant to
22 this Act;
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1 (3) the business intends to make a minimum
2 investment of $12,000,000 which will be placed in service
3 in qualified property and intends to create 500 full-time
4 equivalent jobs at a designated location in Illinois or
5 intends to make a minimum investment of $30,000,000 which
6 will be placed in service in qualified property and
7 intends to retain 1,500 full-time jobs at a designated
8 location in Illinois. The business must certify in
9 writing that the investments would not be placed in
10 service in qualified property and the job creation or job
11 retention would not occur without the tax credits and
12 exemptions set forth in subsection (b) of this Section.
13 The terms "placed in service" and "qualified property"
14 have the same meanings as described in subsection (h) of
15 Section 201 of the Illinois Income Tax Act; and
16 (4) no later than 90 days after an application is
17 submitted, the Department shall notify the applicant of
18 the Department's determination of the qualification of
19 the proposed High Impact Business under this Section.
20 (a-5) Notwithstanding item (3) of subsection (a), a
21 business may receive and retain a designation as a high
22 impact business if (i) the business was previously designated
23 as a high impact business and lost that designation 24 months
24 before the effective date of this amendatory Act of 1998;
25 (ii) the business intends to retain 800 full-time jobs at a
26 designated location in Illinois; and (iii) the business has a
27 Standard Industrial Classification, as defined by the United
28 States Office of Management and Budget, of 3321.
29 The provisions of this subsection (a-5), other than this
30 sentence, are inoperative 3 years after the effective date of
31 this amendatory Act of 1998.
32 (b) Businesses designated as High Impact Businesses
33 pursuant to this Section shall qualify for the credits and
34 exemptions described in the following Acts: Section 9-222 of
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1 The Public Utilities Act, subsection (h) of Section 201 of
2 the Illinois Income Tax Act; and, Section 1d of the
3 Retailers' Occupation Tax Act, provided that these credits
4 and exemptions described in these Acts shall not be
5 authorized until the minimum investments set forth in
6 subsection (a) of this Section have been placed in service in
7 qualified properties and, in the case of the exemptions
8 described in the Public Utilities Act and Section 1d of the
9 Retailers' Occupation Tax Act, the minimum full-time
10 equivalent jobs or full-time jobs set forth in subsection (a)
11 of this Section have been created or retained. Businesses
12 designated as High Impact Businesses under this Section shall
13 also qualify for the exemption described in Section 5l of the
14 Retailers' Occupation Tax Act. The credit provided in
15 subsection (h) of Section 201 of the Illinois Income Tax Act
16 shall be applicable to investments in qualified property as
17 set forth in subsection (a) of this Section.
18 (c) High Impact Businesses located in federally
19 designated foreign trade zones or sub-zones are also eligible
20 for additional credits, exemptions and deductions as
21 described in the following Acts: Section 9-221 of the Public
22 Utilities Act; and subsection (g) of Section 201, and Section
23 203 of the Illinois Income Tax Act.
24 (d) Existing Illinois businesses which apply for
25 designation as a High Impact Business must provide the
26 Department with the prospective plan for which 1,500
27 full-time jobs would be eliminated in the event that the
28 business is not designated.
29 (e) New proposed facilities which apply for designation
30 as High Impact Business must provide the Department with
31 proof of alternative non-Illinois sites which would receive
32 the proposed investment and job creation in the event that
33 the business is not designated as a High Impact Business.
34 (f) In the event that a business is designated a High
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1 Impact Business and it is later determined after reasonable
2 notice and an opportunity for a hearing as provided under The
3 Illinois Administrative Procedure Act, that the business
4 would have placed in service in qualified property the
5 investments and created or retained the requisite number of
6 jobs without the benefits of the High Impact Business
7 designation, the Department shall be required to immediately
8 revoke the designation and notify the Director of the
9 Department of Revenue who shall begin proceedings to recover
10 all wrongfully exempted State taxes with interest. The
11 business shall also be ineligible for all State funded
12 Department programs for a period of 10 years.
13 (g) The Department shall revoke a High Impact Business
14 designation if the participating business fails to comply
15 with the terms and conditions of the designation.
16 (h) Prior to designating a business, the Department
17 shall provide the members of the General Assembly and
18 Illinois Economic and Fiscal Commission with a report setting
19 forth the terms and conditions of the designation and
20 guarantees that have been received by the Department in
21 relation to the proposed business being designated.
22 (Source: P.A. 89-89, eff. 6-30-95.)".