Rep. Robin Kelly

Filed: 3/30/2004

 

 


 

 


 
09300HB4285ham001 LRB093 16237 BDD 49124 a

1
AMENDMENT TO HOUSE BILL 4285

2     AMENDMENT NO. ______. Amend House Bill 4285 by replacing
3 everything after the enacting clause with the following:
 
4     "Section 5. The Economic Development for a Growing Economy
5 Tax Credit Act is amended by changing Section 5-20 as follows:
 
6     (35 ILCS 10/5-20)
7     Sec. 5-20. Application for a project to create and retain
8 new jobs.
9     (a) Any Taxpayer proposing a project located or planned to
10 be located in Illinois may request consideration for
11 designation of its project, by formal written letter of request
12 or by formal application to the Department, in which the
13 Applicant states its intent to make at least a specified level
14 of investment and intends to hire or retain a specified number
15 of full-time employees at a designated location in Illinois. As
16 circumstances require, the Department may require a formal
17 application from an Applicant and a formal letter of request
18 for assistance.
19     (b) In order to qualify for Credits under this Act, an
20 Applicant's project must:
21         (1) involve an investment of at least $5,000,000 in
22 capital improvements to be placed in service and to employ
23 at least 25 New Employees within the State as a direct
24 result of the project; or

 

 

09300HB4285ham001 - 2 - LRB093 16237 BDD 49124 a

1         (2) involve an investment of at least an amount (to be
2 expressly specified by the Department and the Committee) in
3 capital improvements to be placed in service and will
4 employ at least an amount (to be expressly specified by the
5 Department and the Committee) of New Employees within the
6 State, provided that the Department and the Committee have
7 determined that the project will provide a substantial
8 economic benefit to the State; or .
9         (3) if the applicant has 100 or fewer employees,
10 involve an investment of at least $1,000,000 in capital
11 improvements to be placed in service and to employ at least
12 5 New Employees within the State as a direct result of the
13 project.
14     (c) After receipt of an application, the Department may
15 enter into an Agreement with the Applicant if the application
16 is accepted in accordance with Section 5-25.
17 (Source: P.A. 91-476, eff. 8-11-99.)".