Bill Text: IL HB3501 | 2015-2016 | 99th General Assembly | Introduced

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Bill Title: Creates the Business Tax Incentive Recapture Act. Provides that, if a business is awarded a tax incentive in any taxable year, and that business relocates its corporate headquarters from Illinois to another state in the next taxable year, then the Department shall recapture the amount of the tax incentive from the business. Effective immediately.

Spectrum: Partisan Bill (Democrat 13-0)

Status: (Introduced - Dead) 2015-04-14 - Added Co-Sponsor Rep. André Thapedi [HB3501 Detail]

Download: Illinois-2015-HB3501-Introduced.html

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99TH GENERAL ASSEMBLY State of Illinois 2015 and 2016 HB3501 Introduced , by Rep. Michelle Mussman SYNOPSIS AS INTRODUCED:
New Act
Creates the Business Tax Incentive Recapture Act. Provides that, if a business is awarded a tax incentive in any taxable year, and that business relocates its corporate headquarters from Illinois to another state in the next taxable year, then the Department shall recapture the amount of the tax incentive from the business. Effective immediately.
LRB099 04087 HLH 24106 b
FISCAL NOTE ACT MAY APPLY
A BILL FOR
HB3501 LRB099 04087 HLH 24106 b
AN ACT concerning revenue.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 1. Short title. This Act may be cited as the
Business Tax Incentive Recapture Act.
Section 5. Definitions. As used in this Act:
"Department" means the Department of Revenue.
"Tax incentive" means a credit, deduction, or exemption
awarded under the Economic Development for a Growing Economy
Tax Credit Act, the Small Business Job Creation Tax Credit Act,
the River Edge Redevelopment Zone Act, or the Illinois
Enterprise Zone Act.
Section 10. Recapture. Notwithstanding any other provision
of law, if a business is awarded a tax incentive in any taxable
year, and that business relocates its corporate headquarters
from Illinois to another state in the next taxable year, then
the Department shall recapture the amount of the tax incentive
from the business.
Section 99. Effective date. This Act takes effect upon
becoming law.