HOLBROOK-BLACK-STEPHENS-FOWLER-HOFFMAN, BOST, JONES,JOHN, LYONS,EILEEN, ZICKUS, MITCHELL,BILL, MYERS,RICHARD, RIGHTER, CAPPARELLI, FEIGENHOLTZ, SCOTT, GASH, DAVIS,STEVE, GILES, KENNER, HANNIG, BROSNAHAN, CURRY,JULIE AND REITZ. New Act 30 ILCS 105/5.490 new 35 ILCS 5/211 new Creates the Economic Development for a Growing Economy Tax Credit Act. Provides that the Department of Commerce and Community Affairs (DCCA), in cooperation with the Department of Revenue, shall grant tax credits against Illinois income tax liability to applicants creating new jobs in Illinois, if the applicant's project to create new jobs meets certain criteria, including the creation of 100 new full-time jobs in Illinois. Provides that DCCA shall enter into agreements with the qualifying applicants. Provides that credit awards under the Act shall be used for certain purposes, including capital investment, infrastructure development, debt service, research and development, job training and education, lease costs, or relocation costs. Provides that DCCA shall determine the duration and amount of the credit. Provides that the duration may not exceed 15 taxable years. Provides that the credit may be stated as a percentage of the new employees' income tax withholdings attributable to the applicant's project and may include a fixed dollar limitation. Provides that if the Director of DCCA determines that an applicant is in noncompliance with the provisions of this Act, the Director shall notify the taxpayer of the alleged noncompliance and allow the taxpayer a reasonable opportunity to explain the noncompliance. Provides that if after this period the Director determines the applicant is still in noncompliance, the Director shall instruct the Department of Revenue to issue a notice of deficiency to the taxpayer. Requires the Director to submit an annual report on the tax credit program under this Act to the Governor and the General Assembly. Requires DCCA to evaluate the tax credit program biennially and submit its findings to the Governor and the General Assembly. Provides that DCCA may adopt rules to implement the provisions of the Act, including charging a fee to recipients of tax credit awards for administration of the tax credit program. Provides that the charges collected, if any, shall be deposited into the Economic Development for a Growing Economy Fund. Amends the State Finance Act to create the Fund. Amends the Illinois Income Tax Act to create the Economic Development for a Growing Economy Tax Credit. Exempts the credit from the sunset provisions. 98-12-10 H PREFILED WITH CLERK 99-01-14 H FIRST READING 99-01-14 H REFERRED TO HOUSE RULES COMMITTEE RULES 99-01-27 H ASSIGNED TO COMMITTEE REVENUE 99-02-02 H ADDED AS A JOINT SPONSOR BLACK 99-02-02 H ADDED AS A CO-SPONSOR STEPHENS 99-02-03 H ADDED AS A CO-SPONSOR FOWLER 99-02-03 H ADDED AS A CO-SPONSOR HOFFMAN 99-02-03 H ADDED AS A CO-SPONSOR BOST 99-02-03 H ADDED AS A CO-SPONSOR JONES,JOHN 99-02-03 H ADDED AS A CO-SPONSOR KOSEL 99-02-03 H ADDED AS A CO-SPONSOR LYONS,EILEEN 99-02-03 H ADDED AS A CO-SPONSOR ZICKUS 99-02-03 H ADDED AS A CO-SPONSOR MITCHELL,BILL 99-02-03 H ADDED AS A CO-SPONSOR MYERS,RICHARD 99-02-03 H ADDED AS A CO-SPONSOR O'CONNOR 99-02-03 H ADDED AS A CO-SPONSOR RIGHTER 99-02-03 H ADDED AS A CO-SPONSOR CAPPARELLI 99-02-03 H ADDED AS A CO-SPONSOR FEIGENHOLTZ 99-02-09 H ADDED AS A CO-SPONSOR SCOTT 99-02-10 H ADDED AS A CO-SPONSOR GASH 99-02-10 H ADDED AS A CO-SPONSOR WOOLARD 99-02-10 H ADDED AS A CO-SPONSOR DAVIS,STEVE 99-02-18 H ADDED AS A CO-SPONSOR GILES 99-02-25 H ADDED AS A CO-SPONSOR KENNER 99-03-02 H ADDED AS A CO-SPONSOR HANNIG 99-03-04 H ADDED AS A CO-SPONSOR BROSNAHAN 99-03-05 H RE-REFERRED TO RULES COMM/RULE 19(A) RULES HRUL 99-03-10 H ADDED AS A CO-SPONSOR CURRY,JULIE 99-03-11 H ADDED AS A CO-SPONSOR REITZ 01-01-09 H SESSION SINE DIE END OF INQUIRY Full Text Bill Summary