RURAL MANUFACTURE INCENTIVE AC
Synopsis of Bill as introduced:
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.
Last action on Bill: SESSION SINE DIE
Last action date: 99-01-12
Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 2 SENATE - 0
END OF INQUIRY
Full Text Bill Status