90th General Assembly
Summary of SB0938
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Senate Sponsors:

Short description: 
BUSINESS USE-LARGE SCALE DVLPM                                             

Synopsis of Bill as introduced:
        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      
Last action on Bill: SESSION SINE DIE

   Last action date: 99-01-12

           Location: Senate

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   0     SENATE -   0


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