PHELPS-WOOLARD-GRANBERG-JONES,JOHN. (REA) New Act 35 ILCS 5/211 new 35 ILCS 5/701 from Ch. 120, par. 7-701 35 ILCS 5/703 from Ch. 120, par. 7-703 Creates the Rural Manufacturing Incentives Program. Provides that an eligible company may apply for incentives, including tax credits, as part of an economic development project in a county in Illinois whose average unemployment rate is higher than the State's unemployment rate for the past 5 consecutive years through the Department of Commerce and Community Affairs. Authorizes the Department to enter into financing agreements with the eligible company it selects to undertake an economic development project. Provides that an approved company may require that each employee agree to pay a job assessment fee equal to 4% of the gross wages of each employee whose job was created as a result of the economic development project for the purpose of paying debt service. Provides that the Department shall work with the Illinois Development Finance Authority if the issuance of bonds is necessary for the implementation of the economic development project. Amends the Illinois Income Tax Act. Creates tax credits for approved companies in an amount equal to 100% of the debt service of the company plus any job development assessment fees. Provides that the credits are available for tax years ending on or after December 31, 1997. Provides that the credits shall be available for the period of the financing agreement, but in no case for more than 15 years. Effective immediately. HOUSE AMENDMENT NO. 1. Deletes reference to: 35 ILCS 5/701 35 ILCS 5/703 Deletes everything. Reinserts provisions of bill as introduced. Deletes all references to job assessment fees and credits for job assessment fees. Provides that the income tax credit may be carried forward for up to 3 years following the termination of the financing agreement (now for the term of the financing agreement). Requires that the required 15 new jobs must be for at least 35 hours per week. FISCAL NOTE, AMENDED (Dept. of Revenue) HB 2107 causes an indeterminable fiscal loss to the State. STATE MANDATES FISCAL NOTE, H-AM 1 HB2107, with H-am 1, fails to create a State mandate. HOUSE AMENDMENT NO. 2. Makes technical corrections. 97-03-10 H FIRST READING 97-03-10 H REFERRED TO HOUSE RULES COMMITTEE RULES 97-03-11 H ASSIGNED TO COMMITTEE STATE GOV ADM 97-03-20 H AMENDMENT NO. 01-ST GV-ELC RFM H 97-03-20 H ADOPTED 97-03-20 H DO PASS AMENDED/SHORT DEBATE 013-000-000 HSGE 97-03-20 H PLACED CALENDAR 2ND READING-SHORT DEBATE 97-03-20 H FISCAL NOTE REQUESTED AS AMENDED/CLAYTON 97-03-20 H STATE MANDATES FISCAL NOTE REQUESTED AS AMENDED/CLAYTON 97-03-20 H CALENDAR ORDER 2ND READING-SHORT DEBATE 97-04-08 H AMENDMENT NO. 02-PHELPS 97-04-08 H AMENDMENT REFERRED TO HRUL 97-04-08 H CALENDAR ORDER 2ND READING-SHORT DEBATE 97-04-09 H FISCAL NOTE FILED AS AMENDED 97-04-09 H CALENDAR ORDER 2ND READING-SHORT DEBATE 97-04-09 H AMENDMENT NO. 02-PHELPS 97-04-09 H BE ADOPTED HRUL/003-002-000 97-04-09 H CALENDAR ORDER 2ND READING-SHORT DEBATE 97-04-12 H STATE MANDATES FISCAL NOTE FILED AS AMENDED 97-04-12 H CALENDAR ORDER 2ND READING-SHORT DEBATE 97-04-19 H AMENDMENT NO. 02-PHELPS 97-04-19 H ADOPTED 97-04-19 H PLCD CAL ORDER 3RD READING-SHORT DEBATE 97-04-23 H ADDED AS A JOINT SPONSOR WOOLARD 97-04-25 H ADDED AS A CO-SPONSOR JONES,JOHN 97-04-25 H THIRD READING/SHORT DEBATE/PASSED 095-020-001 97-04-25 H ADDED AS A CO-SPONSOR GRANBERG 97-04-29 S ARRIVE IN SENATE 97-04-29 S PLACED CALENDAR ORDER OF FIRST READING 97-04-29 S CHIEF SPONSOR REA 97-04-29 S FIRST READING 97-04-29 S REFERRED TO SENATE RULES COMMITTEE RULES 99-01-12 H SESSION SINE DIE END OF INQUIRY Full Text Bill Summary