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| | 98TH GENERAL ASSEMBLY
State of Illinois
2013 and 2014
SB0408 Introduced 1/23/2013, by Sen. John J. Cullerton SYNOPSIS AS INTRODUCED:
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Amends the Economic Development for a Growing Economy Tax Credit Act. Makes a
technical change in a Section concerning the purpose of the Act.
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| | A BILL FOR |
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| | SB0408 | | LRB098 04598 HLH 34626 b |
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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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