HB1132 EngrossedLRB100 02297 HLH 12302 b

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 5-3 as follows:
6    (35 ILCS 10/5-3)
7    Sec. 5-3. Purpose. The The General Assembly finds that the
8Illinois economy, although currently strong, is still highly
9vulnerable to other states and nations that have major
10financial incentive programs for medium-sized and large firm
11relocations. Because of the incentive programs of these
12competitor locations, Illinois must move aggressively with new
13business development investment tools so that Illinois is more
14competitive in site location decision-making. The State must
15not only continue to work with firms to help them locate their
16new plants and facilities in Illinois but also must provide
17competitive investment location tax credits in support of the
18location and expansion of medium-sized and large operations of
19commerce and industry. In an increasingly global economy,
20Illinois' long-term development would benefit from rational,
21strategic use of State resources in support of business
22development and growth.
23(Source: P.A. 91-476, eff. 8-11-99.)