Senate Sponsors: PHILIP-DILLARD. House Sponsors: MADIGAN,MJ-DANIELS-CURRIE Short description: CORP HEADQUARTERS RELOCATION Synopsis of Bill as introduced: Amends the State Revenue Sharing Act. Makes a technical change in a Section concerning the Personal Property Tax Replacement Fund. Amends the Illinois Income Tax Act. Makes a technical change in a Section concerning the imposition of the income tax. Amends the Property Tax Code. Makes a technical change in a Section concerning tax on personal property. Amends the Gas Revenue Tax Act and the Water Company Invested Capital Tax Act. Makes a technical change concerning a tax on invested capital. HOUSE AMENDMENT NO. 1. Deletes reference to: 30 ILCS 115/12 35 ILCS 5/201 35 ILCS 200/24-5 35 ILCS 615/2a.1 35 ILCS 625/3 Adds reference to: 30 ILCS 115/0.1 from Ch. 85, par. 610 Deletes everything after the enacting clause. Amends the State Revenue Sharing Act. Adds a caption in a Section concerning the short title of the Act. HOUSE AMENDMENT NO. 4. Deletes reference to: 30 ILCS 115/0.1 Adds reference to: New Act 30 ILCS 105/5.545 new 35 ILCS 5/211 35 ILCS 10/5-35 35 ILCS 10/5-45 35 ILCS 200/18-165 Deletes everything. Creates the Corporate Headquarters Relocation Act. Encourages multinational corporations from outside Illinois to relocate corporate headquarters to Illinois through the use of incentives not otherwise available through existing programs. Authorizes the Department of Commerce and Community Affairs to enter into agreements to reimburse up to 50% of relocation costs subject to certain terms and conditions. An eligible business must file its application by July 1, 2004. Amends the State Finance Act to create the Corporate Headquarters Relocation Assistance Fund. Provides for the transfer to the Fund from the general revenue fund of 50% of income tax receipts attributable to employees employed at the corporate headquarters. Moneys in the Fund may be used by the Department to issue grants for relocation costs. Amends the Economic Development for a Growing Economy Tax Credit Act to authorize an eligible business relocating its corporate headquarters to Illinois, subject to certain conditions, to earn tax credits for 15 years (now 10 years). Limits credits to 60% of those otherwise available. Amends the Property Tax Code to authorize taxing districts, other than school districts, to abate taxes on property of an eligible business or to enter into an agreement with an eligible business to make payments to that business for up to 20 years. Allows school districts to abate taxes or enter into an agreement to make payments if the municipality agrees to provide equal funding to the school district. Makes other changes. Effective immediately. Last action on Bill: PUBLIC ACT.............................. 92-0207 Last action date: AUG-01-2001 Location: Senate Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 2 SENATE - 0 END OF INQUIRY Full Text Bill Status