92nd General Assembly
Summary of HB3364
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House Sponsors:
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.

Senate Sponsors:
DILLARD-LINK-LAUZEN

Short description: 
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.      
   Effective immediately.                                                      
        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:                                                   
          New Act                                                              
        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.      
   Effective immediately.                                                      
        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

           Location: House

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   3     SENATE -   0


   END OF INQUIRY 



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