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 Full Text Bill Status