Bill Title: Amends the Illinois Economic Development Board Act and the Economic Development for a Growing Economy Tax Credit Act to provide that EDGE Agreements are subject to the approval of the Illinois Economic Development Board (instead of the Illinois Business Investment Committee). Provides that the Illinois Business Investment Committee is dissolved on the effective date of the amendatory Act and all duties and responsibilities of the Committee shall be assumed by the Illinois Economic Development Board. Sets forth the membership of the Illinois Economic Development Board. Provides that the Director of Revenue and the Auditor General shall also serve as ex officio members of the Board. Sets forth the powers of the Board. Removes provisions requiring Applicants to make certain capital investments. Changes the duration of the credit from 10 years to 5 years. Provides that the credit may not exceed the lesser of the incremental income tax attributable to the project or $10,000 per New Employee. Provides that no more than $100,000,000 in credits may be awarded in State Fiscal Year 2014 or any State fiscal year thereafter. Makes other changes.

Spectrum: Partisan Bill (Democrat 7-0)

Status: (Failed) 2014-12-03 - Session Sine Die [HB1336 Detail]

Text: Latest bill text (Amended) [HTML]

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