WATSON. New Act Creates the Business Use Incentives for Large-Scale Development Act. Provides that an eligible industry creating at least 25 new jobs in the State may apply for incentives, including tax credits in an amount equal to the gross wages paid to the new employees of the industry, as part of an economic development project through the Illinois Development Finance Authority. Authorizes the Authority to enter into financing agreements with eligible industries it selects to receive the incentives. Provides that the Authority shall select eligible industries and award credits based on the positive economic benefits they will bring to the communities in which they will be located and the State. Authorizes the Authority to issue up to $35,000,000 in bonds to finance the economic development projects. Authorizes the Authority to work with the Department of Revenue in determining the credit received by the eligible industry. Requires an annual evaluation of the economic development project. Effective immediately. 97-02-07 S FIRST READING 97-02-07 S REFERRED TO SENATE RULES COMMITTEE RULES 97-02-19 S ASSIGNED TO COMMITTEE EXECUTIVE 97-02-28 S TO SUBCOMMITTEE 97-02-28 S COMMITTEE EXECUTIVE 97-03-15 S RE-REFERRED TO RULES COMM/RULE 3-9(A) RULES 99-01-12 S SESSION SINE DIE END OF INQUIRY Full Text Bill Summary