Bill Text: IL SB1658 | 2023-2024 | 103rd General Assembly | Introduced


Bill Title: Amends the Economic Development for a Growing Economy Tax Credit Act. Removes provisions concerning conditions that the Business Investment Committee shall determine exist in order for the Committee to make its recommendation that an Applicant's application for a Credit should or should not be accepted. Effective immediately.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced) 2023-02-08 - Referred to Assignments [SB1658 Detail]

Download: Illinois-2023-SB1658-Introduced.html


103RD GENERAL ASSEMBLY
State of Illinois
2023 and 2024
SB1658

Introduced 2/8/2023, by Sen. Andrew S. Chesney

SYNOPSIS AS INTRODUCED:
35 ILCS 10/5-25

Amends the Economic Development for a Growing Economy Tax Credit Act. Removes provisions concerning conditions that the Business Investment Committee shall determine exist in order for the Committee to make its recommendation that an Applicant's application for a Credit should or should not be accepted. Effective immediately.
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A BILL FOR

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1 AN ACT concerning revenue.
2 Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
4 Section 5. The Economic Development for a Growing Economy
5Tax Credit Act is amended by changing Section 5-25 as follows:
6 (35 ILCS 10/5-25)
7 Sec. 5-25. Review of Application.
8 (a) (Blank).
9 (b) The Department shall determine which projects will
10benefit the State. In making its recommendation that an
11Applicant's application for Credit should or should not be
12accepted, which shall occur within a reasonable time frame as
13determined by the nature of the application, the Department
14shall determine that all the following conditions exist:
15 (1) The Applicant's project intends, as required by
16 subsection (b) of Section 5-20 to make the required
17 investment in the State and intends to hire the required
18 number of New Employees to work at a project location in
19 Illinois as a result of that project.
20 (2) The Applicant's project is economically sound and
21 will benefit the people of the State of Illinois by
22 increasing opportunities for employment and strengthen the
23 economy of Illinois.

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1 (3) (Blank). That, if not for the Credit, the project
2 would not occur in Illinois, which may be demonstrated by
3 evidence that receipt of the Credit is essential to the
4 Applicant's decision to create new jobs in the State, such
5 as the magnitude of the cost differential between Illinois
6 and a competing State; in addition, if the Applicant is
7 seeking an increase in the maximum amount of the Credit
8 for retained employees, the Applicant must provide
9 evidence the Applicant has multi-state location options
10 and could reasonably and efficiently locate outside of the
11 State or demonstrate that at least one other state is
12 being considered for the project.
13 (4) (Blank). A cost differential is identified, using
14 best available data, in the projected costs for the
15 Applicant's project compared to the costs in the competing
16 state, including the impact of the competing state's
17 incentive programs. The competing state's incentive
18 programs shall include state, local, private, and federal
19 funds available.
20 (5) The political subdivisions affected by the project
21 have committed local incentives with respect to the
22 project, considering local ability to assist.
23 (6) Awarding the Credit will result in an overall
24 positive fiscal impact to the State, as certified by the
25 Department using the best available data.
26 (7) The Credit is not prohibited by Section 5-35 of

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1 this Act.
2(Source: P.A. 102-330, eff. 1-1-22.)
3 Section 99. Effective date. This Act takes effect upon
4becoming law.
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