Bill Text: IL SB3040 | 2017-2018 | 100th General Assembly | Introduced


Bill Title: Amends the Economic Development for a Growing Economy Tax Credit Act. Makes a technical change in a Section concerning the amount of the credit.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced) 2018-09-30 - Chief Sponsor Changed to Sen. William E. Brady [SB3040 Detail]

Download: Illinois-2017-SB3040-Introduced.html


100TH GENERAL ASSEMBLY
State of Illinois
2017 and 2018
SB3040

Introduced 2/15/2018, by Sen. Pamela J. Althoff

SYNOPSIS AS INTRODUCED:
35 ILCS 10/5-40

Amends the Economic Development for a Growing Economy Tax Credit Act. Makes a technical change in a Section concerning the amount of the credit.
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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 5-40 as follows:
6 (35 ILCS 10/5-40)
7 Sec. 5-40. Determination of Amount of the Credit. In
8determining the the amount of the Credit that should be
9awarded, the Committee shall provide guidance on, and the
10Department shall take into consideration, the following
11factors:
12 (1) The number and location of jobs created and
13 retained in relation to the economy of the county where the
14 projected investment is to occur.
15 (2) The potential impact on the economy of Illinois.
16 (3) The magnitude of the cost differential between
17 Illinois and the competing state.
18 (4) The incremental payroll attributable to the
19 project.
20 (5) The capital investment attributable to the
21 project.
22 (6) The amount of the average wage and benefits paid by
23 the Applicant in relation to the wage and benefits of the

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1 area of the project.
2 (7) The costs to Illinois and the affected political
3 subdivisions with respect to the project.
4 (8) The financial assistance that is otherwise
5 provided by Illinois and the affected political
6 subdivisions.
7(Source: P.A. 91-476, eff. 8-11-99.)
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