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: (Failed) 2019-01-09 - Session Sine Die [SB3040 Detail]
Download: Illinois-2017-SB3040-Introduced.html
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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 5-40 as follows:
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| 6 | (35 ILCS 10/5-40)
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| 7 | Sec. 5-40. Determination of Amount of the Credit. In | |||||||||||||||||||
| 8 | determining the
the
amount of the Credit that should be | |||||||||||||||||||
| 9 | awarded, the Committee shall provide
guidance on, and the
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| 10 | Department shall take into consideration, the
following | |||||||||||||||||||
| 11 | factors:
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| 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.
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| 15 | (2) The potential impact on the economy of Illinois.
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| 16 | (3) The magnitude of the cost differential between | |||||||||||||||||||
| 17 | Illinois and the
competing state.
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| 18 | (4) The incremental payroll attributable to the | |||||||||||||||||||
| 19 | project.
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| 20 | (5) The capital investment attributable to the | |||||||||||||||||||
| 21 | project.
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| 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.
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| 2 | (7) The costs to Illinois and the affected political | ||||||
| 3 | subdivisions
with respect to the project.
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| 4 | (8) The financial assistance that is otherwise | ||||||
| 5 | provided by Illinois
and the affected political | ||||||
| 6 | subdivisions.
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| 7 | (Source: P.A. 91-476, eff. 8-11-99.)
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