FRANKS. New Act Creates the State Economic Assistance Accountability Act. Provides that State economic assistance provided by the Department of Commerce and Community Affairs as an incentive to a business organization must be based on the terms of a written incentive agreement between the Department and the business organization, which agreement must identify the specific State economic assistance to be provided to the business organization during the term of the agreement. Lists terms the agreement must contain. Provides that State economic assistance incentive agreements must provide that if a business organization either fails to make the requisite level of capital investment in the project or fails to create or retain the specified number of jobs within the specified time frame, as provided under the Act authorizing the State economic assistance, the business organization shall be deemed to no longer qualify for the State economic assistance. Provides that State economic assistance must total at least $75,000 on a single project for applicability. Provides that the full content of all written incentive agreements are to be published on the Illinois Department of Commerce and Community Affairs website. Effective immediately. FISCAL NOTE (Department of Commerce and Community Affairs) HB 5616 is estimated to have no significant fiscal impact on the Department. FEB-06-2002 H FILED WITH CLERK FEB-06-2002 H FIRST READING FEB-06-2002 H REFERRED TO HOUSE RULES COMMITTEE RULES FEB-13-2002 H ASSIGNED TO COMMITTEE REVENUE FEB-22-2002 H DO PASS/SHORT DEBATE 011-000-000 HREV FEB-22-2002 H PLACED CALENDAR 2ND READING-SHORT DEBATE MAR-04-2002 H FISCAL NOTE FILED MAR-04-2002 H CALENDAR ORDER 2ND READING-SHORT DEBATE MAR-22-2002 H SECOND READING-SHORT DEBATE MAR-22-2002 H HELD ON CAL ORDER 2ND RDG - SHORT DEBATE APR-05-2002 H RE-REFERRED TO RULES COMM/RULE 19(A) RULES HRUL JAN-07-2003 H SESSION SINE DIE END OF INQUIRY Full Text Bill Summary