98TH GENERAL ASSEMBLY
State of Illinois
2013 and 2014
HB3141

 

Introduced , by Rep. Thaddeus Jones

 

SYNOPSIS AS INTRODUCED:
 
20 ILCS 605/605-1020 new
765 ILCS 1025/18  from Ch. 141, par. 118
30 ILCS 105/5.826 new

    Amends the Department of Commerce and Economic Opportunity Law of the Civil Administrative Code of Illinois. Creates the Jobs Incentive Fund as a special fund in the State Treasury. Provides that moneys in the Fund shall be used by the Department to make grants to qualified applicants. Amends the Uniform Disposition of Unclaimed Property Act. Provides that the first $2,500,000 over and above the $2,500,000 remaining in the trust fund shall be deposited into the Jobs Incentive Fund, and the remainder shall be deposited into the State Pensions Fund (now, everything over the first $2,500,000 is deposited into the State Pensions Fund). Effective immediately.


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FISCAL NOTE ACT MAY APPLY

 

 

A BILL FOR

 

HB3141LRB098 07431 HLH 37499 b

1    AN ACT concerning State government.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Department of Commerce and Economic
5Opportunity Law of the Civil Administrative Code of Illinois is
6amended by adding Section 605-1020 as follows:
 
7    (20 ILCS 605/605-1020 new)
8    Sec. 605-1020. Jobs Incentive Fund; creation.
9    (a) The Jobs Incentive Fund is hereby created as a special
10fund in the State Treasury. Moneys in the Fund shall be used by
11the Department to make grants to qualified applicants. The
12Director shall develop and implement a grant application,
13evaluation, and project approval process that is consistent
14with the requirements of this Section. In determining
15eligibility for a grant, the Department shall find that an
16applicant meets the following criteria:
17        (1) that the applicant is financially viable as
18    determined by commonly accepted measures for assessing
19    profitability, liquidity, solvency, and capital structure;
20    and
21        (2) that the applicant has developed a practical and
22    complete business plan in support of the specific business
23    expansion or relocation project for which the grant is

 

 

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1    sought; and
2        (3) that the project will produce, as a result of the
3    combined effect of the applicant's additional qualified
4    employment and qualified capital investment in the State, a
5    net positive expansion of the State's economic base.
6    (b) All applicants meeting the basic eligibility criteria
7established in this Section shall be evaluated and ranked by
8the Department according to the following criteria:
9        (1) the likelihood that the expansion or relocation for
10    which a grant is sought will succeed as judged by the
11    strength of the applicant firm's financial position and
12    business plan;
13        (2) the number and quality of qualified employees
14    added;
15        (3) the project's economic impact;
16        (4) the level of qualified capital investment;
17        (5) the extent to which the relocation or expansion
18    supports the development in the State of a transformative
19    industry or diversifies the State's economy;
20        (6) the level of contribution to preserving and
21    enhancing the natural environment;
22        (7) the positive effects on the State's local supplier
23    network; and
24        (8) the budgetary implications of awarding a specific
25    grant as it relates to available fund balances and the
26    quality of competing firms' applications.

 

 

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1    (c) As used in this Section:
2    "Compensation" means that part of the sum reported on Form
3W-2, or equivalent form of the United States Department of
4Treasury, Internal Revenue Service as "Medicare wages and tips"
5that is apportioned to this State.
6    "Qualified capital investment" means at least $500,000
7actually expended by the grantee in connection with an approved
8project within 3 years from the date of the grant's approval
9for: (i) the construction of a new building associated with an
10approved project, (ii) the purchase and installation of new
11equipment associated with an approved project, and (iii) the
12cost of building and infrastructure improvements associated
13with the approved project (including amounts paid for
14engineering and architectural services provided by persons
15unaffiliated with the grantee and for building contractors
16unaffiliated with the grantee performing work in connection
17with the approved project); provided, however, that qualified
18capital investment shall not include any fees, taxes, charges,
19or assessments paid to any governmental body, wages and
20associated employee labor costs associated with the approved
21project, employee training costs, or grantee research and
22development costs.
23    "Qualified employee" means any single position added in
24connection with an approved project held by a common-law
25employee in this State for which the compensation equals or
26exceeds $20,000. More than one consecutive employee may perform

 

 

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1an eligible job during a single calendar year so long as the
2total compensation of all consecutive employees performing
3such eligible jobs during such calendar year equals or exceeds
4$20,000.
 
5    Section 10. The Uniform Disposition of Unclaimed Property
6Act is amended by changing Section 18 as follows:
 
7    (765 ILCS 1025/18)  (from Ch. 141, par. 118)
8    Sec. 18. Deposit of funds received under the Act.
9    (a) The State Treasurer shall retain all funds received
10under this Act, including the proceeds from the sale of
11abandoned property under Section 17, in a trust fund. The State
12Treasurer may deposit any amount in the Trust Fund into the
13State Pensions Fund during the fiscal year at his or her
14discretion; however, he or she shall, on April 15 and October
1515 of each year, deposit any amount in the trust fund exceeding
16$2,500,000 as follows: (i) the first $2,500,000 over and above
17the $2,500,000 remaining in the trust fund shall be deposited
18into the Jobs Incentive Fund, and (ii) the remainder shall be
19deposited into the State Pensions Fund. Beginning in State
20fiscal year 2014, all amounts in excess of $2,500,000 that are
21deposited into the State Pensions Fund under this Section from
22the unclaimed Property Trust Fund shall be apportioned to the
23designated retirement systems as provided in subsection (c-6)
24of Section 8.12 of the State Finance Act to reduce their

 

 

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1actuarial reserve deficiencies. He or she shall make prompt
2payment of claims he or she duly allows as provided for in this
3Act for the trust fund. Before making the deposit the State
4Treasurer shall record the name and last known address of each
5person appearing from the holders' reports to be entitled to
6the abandoned property. The record shall be available for
7public inspection during reasonable business hours.
8    (b) Before making any deposit to the credit of the State
9Pensions Fund, the State Treasurer may deduct: (1) any costs in
10connection with sale of abandoned property, (2) any costs of
11mailing and publication in connection with any abandoned
12property, and (3) any costs in connection with the maintenance
13of records or disposition of claims made pursuant to this Act.
14The State Treasurer shall semiannually file an itemized report
15of all such expenses with the Legislative Audit Commission.
16(Source: P.A. 96-1000, eff. 7-2-10; 97-732, eff. 6-30-12.)
 
17    Section 90. The State Finance Act is amended by adding
18Section 5.826 as follows:
 
19    (30 ILCS 105/5.826 new)
20    Sec. 5.826. The Jobs Incentive Fund.
 
21    Section 99. Effective date. This Act takes effect upon
22becoming law.