Bill Text: IL HB2905 | 2023-2024 | 103rd General Assembly | Introduced

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Bill Title: Amends the Economic Development for a Growing Economy Tax Credit Act. Provides that the Department of Commerce and Economic Opportunity shall not issue a tax certificate to any taxpayer under this Act unless the taxpayer first submits a supplier diversity report. Provides that the Department of Commerce and Economic Opportunity shall publish on its website all supplier diversity reports filed by taxpayers under this Act and maintain those reports for at least 5 years.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced) 2024-04-05 - Rule 19(a) / Re-referred to Rules Committee [HB2905 Detail]

Download: Illinois-2023-HB2905-Introduced.html

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103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB2905 Introduced , by Rep. William "Will" Davis SYNOPSIS AS INTRODUCED:
35 ILCS 10/5-57
Amends the Economic Development for a Growing Economy Tax Credit Act. Provides that the Department of Commerce and Economic Opportunity shall not issue a tax certificate to any taxpayer under this Act unless the taxpayer first submits a supplier diversity report. Provides that the Department of Commerce and Economic Opportunity shall publish on its website all supplier diversity reports filed by taxpayers under this Act and maintain those reports for at least 5 years.
LRB103 29604 HLH 55999 b
A BILL FOR
HB2905 LRB103 29604 HLH 55999 b
AN ACT concerning revenue.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Economic Development for a Growing Economy
Tax Credit Act is amended by changing Section 5-57 as follows:
(35 ILCS 10/5-57)
Sec. 5-57. Supplier diversity goals; reports. Each
taxpayer claiming a credit under this Act shall, no later than
April 15 of each taxable year for which the taxpayer claims a
credit under this Act, submit to the Department of Commerce
and Economic Opportunity an annual report containing the
information described in subsections (b), (c), (d), and (e) of
Section 5-117 of the Public Utilities Act. Those reports shall
be submitted in the form and manner required by the Department
of Commerce and Economic Opportunity.
The Department shall not issue a tax certificate to any
taxpayer under this Act unless the taxpayer first submits a
supplier diversity report to the Department as required by
this Act. Failure to file a supplier diversity report as
required by this Act renders a taxpayer non-responsive to any
Agreement with the Department and ineligible to receive a tax
certificate or file a tax credit for that year. The Department
shall publish on its website all supplier diversity reports

HB2905 - 2 - LRB103 29604 HLH 55999 b
filed by taxpayers under this Act and maintain those reports
for at least 5 years.
(Source: P.A. 100-451, eff. 8-25-17; 100-511, eff. 9-18-17.)