Bill Text: IL HB1132 | 2017-2018 | 100th General Assembly | Engrossed
Bill Title: Amends the Economic Development for a Growing Economy Tax Credit Act. Makes a technical change in a Section concerning the purpose of the Act.
Sponsorship: Strong Partisan Bill (Democrat 11-1)
Status: (Failed) 2019-01-08 - Session Sine Die [HB1132 Detail]
Download: Illinois-2017-HB1132-Engrossed.html
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| 1 | AN ACT concerning revenue.
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| 2 | Be it enacted by the People of the State of Illinois, | ||||||
| 3 | represented in the General Assembly:
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| 4 | Section 5. The Economic Development for a Growing Economy | ||||||
| 5 | Tax Credit Act is amended by changing Section 5-3 as follows:
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| 6 | (35 ILCS 10/5-3)
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| 7 | Sec. 5-3. Purpose. The
The General Assembly finds that the | ||||||
| 8 | Illinois economy,
although currently strong, is
still highly | ||||||
| 9 | vulnerable to other states and nations that have major | ||||||
| 10 | financial
incentive programs for medium-sized and large firm | ||||||
| 11 | relocations. Because of the
incentive programs of these
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| 12 | competitor locations, Illinois
must move aggressively with new | ||||||
| 13 | business development investment tools so that
Illinois is more
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| 14 | competitive in site location decision-making. The State must | ||||||
| 15 | not only continue
to work with firms to help
them locate their | ||||||
| 16 | new plants and facilities in Illinois but also must provide
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| 17 | competitive investment location
tax credits in support of the | ||||||
| 18 | location and expansion of medium-sized and large
operations of | ||||||
| 19 | commerce
and industry. In an increasingly global economy, | ||||||
| 20 | Illinois' long-term
development would benefit from
rational, | ||||||
| 21 | strategic use of State resources in support of business | ||||||
| 22 | development
and growth. | ||||||
| 23 | (Source: P.A. 91-476, eff. 8-11-99.)
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