FRANKS-SCULLY-DAVIS,MONIQUE-DART, LANG, GILES,
YARBROUGH, FOWLER, SMITH,MICHAEL, O'BRIEN, CROTTY,
ACEVEDO, DELGADO, SOTO, MCCARTHY, MENDOZA, MILLER,
RYAN, BRADLEY, YOUNGE AND LYONS,JOSEPH.
CORP ACCOUNT TAX EXPEND
Synopsis of Bill as introduced:
Creates the Corporate Accountability for Tax Expenditures Act.
Requires reporting and disclosure of State tax expenditures and
property tax reductions and abatements. Establishes job creation and
job quality standards. Provides for the recapture from recipient
corporations if goals are not met or if employees are laid off or
terminated. Provides that certain recaptured moneys must be deposited
into the Development Assistance Recapture Fund. Provides that moneys
in the Fund may be used by the Department of Commerce and Community
Affairs and the Department of Employment Security for the purpose of
job training or retraining programs for workers. Amends the State
Finance Act to create the Development Assistance Recapture Fund.
HOUSE AMENDMENT NO. 1.
Deletes reference to:
30 ILCS 105/5.545 new
Deletes everything after the enacting clause. Reinserts the
short title of the New Act only.
HOUSE AMENDMENT NO. 2.
Adds reference to:
Deletes everything. 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.
HOUSE AMENDMENT NO. 3.
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 (now, no reference is made
to the Act authorizing the State economic assistance).
Last action on Bill: SESSION SINE DIE
Last action date: JAN-07-2003
Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 3 SENATE - 0
END OF INQUIRY
Full Text Bill Status